L&T Technology Services net profit grows 35% to Rs 262 crore in Q4

L&T Technology Services on Thursday reported an increase of 34.7 % in consolidated net profit to Rs 262 crore for the quarter ended March 2022.

L&T Technology Services on Thursday reported an increase of 34.7 per cent in consolidated net profit to Rs 262 crore for the quarter ended March 2022.

The company had posted a net profit of Rs 194.5 crore in the same period a year ago.

"We achieved several milestones in FY22 a dollar revenue growth of 20 per cent in constant currency, record high operating margins, and more than three-fold increase in patents filed by our engineers.

"Our growth was broad based with all five segments growing in double digits and showing an improvement in operating margins,'' L&T Technology Services (LTTS) CEO and Managing Director Amit Chadha said in a statement.

The consolidated revenue from operations grew by about 22 per cent to Rs 1,756.1 crore from Rs 1,440.5 crore in the March 2021 quarter.

"...In the fourth quarter, we won a USD 100 million plus deal in the EACV (electric autonomous connected vehicles) space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program.

"With this deal, we have been able to extend our EACV success at auto and trucks and off highway segments, to Aerospace, reflecting our multi-domain engineering expertise," Chadha added.

For the year ended March 31, 2022, LTTS' consolidated profit grew by 44.27 per cent to Rs 957 crore, from Rs 663.3 crore in 2020-21.

The annual revenue from operations increased by 20.55 per cent to Rs 6,569.7 crore in 2021-22, from Rs 5,449.7 crore in the preceding fiscal.