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

L & T Technology Services Limited (BSE

Highlights for Q3FY22 include:

Revenue at Rs 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 Rs 2,488 million; growth of 34% YoY

Interim Dividend of Rs 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

Patents

At the end of Q3FY22, the patents portfolio of L & T Technology Services stood at 816, out of which 578 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q3FY22, LTTS' employee strength stood at 20,118.

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