L&T Technology Services reports double-digit revenue growth in Q3FY22

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L&T Technology Services reports double-digit revenuecgrowth in Q3FY22.

 L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2021.

Highlights for Q3FY22 include:

•        Revenue at ₹16,875 million; growth of 20% YoY

•        USD Revenue at $225.1 million; growth of 18% YoY

•        EBIT margin at 18.6%; up 340 bps YoY

•        Net profit at ₹2,488 million; growth of 34% YoY

•        Interim Dividend of ₹10 per share; Record date January 27, 2022

During the quarter, LTTS won a USD45 million deal and a total of 3 deals with TCV of USD10 million plus. Revenues from digital and leading-edge technologies stood at 56% during the quarter.

“We sustained our performance trajectory with sequential growth of 4.2% in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets – Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability – continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys.

We are expanding our EACV global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen our strategic partnership with European and Global clients.

In line with our long-term growth prospects and strategy, we invested in hiring and onboarding a record 1,900 plus trainees leveraging our Global Engineering Academy that is focused on continuous training and upskilling. Despite the robust employee addition, we further improved our Operating margin to 18.6%, reflecting gains from investments in talent and innovation”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Industry Recognitions:

•        Confederation of Indian Industry (CII) awarded LTTS with the prestigious Top 25 Innovative Company Award at the 2021 Industrial Innovation Award

•        Zinnov rated LTTS as a ‘global ER&D Leader’ and Leader across its core verticals Automotive, Aerospace, Medical Devices, Industrial, Semicon and Telecom

•        Zinnov Zones ER&D Services Report rated LTTS as a ‘Leader’ in Digital Engineering, AI Engineering, Telematics, ADAS, Digital Thread, TeleHealth and OTT

•        LTTS has been recognized as a ‘Leader’ in Digital Engineering in ISG’s Manufacturing Industry Services 2021 Study in the Transportation, Hi-Tech and Industrial segments

•        ISG’s Life Science Digital Services Study has recognized LTTS as a ‘Leader’ in Europe & USA in the MedTech and Digital Transformation Services areas

•        LTTS’ Chest-rAITM solution recognized in Innovation in Overall Customer Experience category by ASSOCHAM 2nd Innovators’ Excellence Awards 2021

•        Business Leadership Awards 2021 honored LTTS in the Innovation Excellence and Connected Car Platform of the Year categories

Business Gujarat News

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