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L&T Technology Services Ltd Q1 Results Update.

L&T Technology Services Ltd Q1 Results Update.

 

L&T Technology Services Ltd Q1 Results Update.

 

L&T Tech Services reported net profit of Rs 274 crore for the June quarter, up 27% year-on-year. Sequentially the profit was up 4.7% from Rs.262 crores, driven primarily by revenue growth and operational execution.

Revenue for the company grew at 23% YoY at Rs 1,873 crore, and 6.7% QoQ sequentially from Rs. 1,756 crores, fuelled by healthy revenue growth in top clients and a demand uptick in its transportation vertical.
The firm’s dollar revenue grew 3.2% at $239.5 million, and came in at 4.7% in constant currency. Growth was led by plant engineering and industrial products, benefitting from spending on digital manufacturing, energy transition, and smart & connected products.

Transportation led the verticals with a 23.8% growth due to demand from the aerospace and rail segments. The plant engineering vertical clocked 20.3%. Medical devices grew 13.9% and industrial products was up 13.6%.

India’s business grew 19.6% on year and North America rose 17.6%. Operating margins stood at 18.3%, down 30 basis points sequentially but up 100 bps YoY.

During the quarter, LTTS won a $50 million plus deal, four $15 million deals and two deals with TCV of $10 million.

For the June quarter, EBIDTA margins stood at 21.4%. However, margins were better managed despite higher attrition. The company reported attrition of 23.2% for the Q1 FY23, up from 20.4% in Q4 FY22. The total headcount now stands at 21,433. The company added 572 employees sequentially

EBIT stands at Rs. 3,43.4 crores for the quarter as compared to 2623 crores YoY and Rs. 3,274 crores QoQ. EBIT margin is at 18.3% as against 17.3 in the previous quarter, driven by operational efficiencies. During the quarter, the company had gains from currency depreciation which were offset by higher employee benefit costs.

Other income was at Rs. 34 crores, slightly higher on a sequential basis due to higher Income from Investment. At the end of Q1FY23, the patent portfolio of LTTS stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS. 

Currently, the shares of the company are trading at Rs. 3440.35, up by 18.10 points or by 0.53%. On 25th July 2022, the stock opened at Rs. 3417.80 and previously closed at Rs. 3422.25. The stock hit an intraday high of Rs. 3478.55 and an intraday low of Rs. 3401.20. The market cap is Rs. 36,315 crores.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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