L&T Tech Q4 PAT grows 4% QoQ to Rs 195 cr

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L&T Technology Services (LTTS)'s consolidated net profit rose 4.5% to Rs 195.30 crore on 2.8% increase in revenue from operations to Rs 1,440.50 crore in Q4 FY21 over Q3 FY21.

In USD terms, the revenue during Q4 FY21 stood at $197.50 million, registering a growth of 3.9% Q-o-Q (quarter-on-quarter). The EBIT margin was at 16.6% in Q4 FY21, rising 140 bps Q-o-Q.

During the quarter, L&T Technology Services (LTTS) won six deals with TCV of $10 million plus, which includes two $25 million plus deals. The revenues from digital and leading-edge technologies stood at 52% during the quarter.

Amit Chadha, the chief executive officer (CEO) and managing director (MD) of L&T Technology Services, said: "We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path."

"We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships," Chadha added.

At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. At the end of Q4 FY21, LTTS' employee strength stood at 16,452.

Meanwhile, the board of directors has recommended a final dividend of Rs 14.50 per equity share for the year ended 31 March 2021.

LTTS, a listed subsidiary of Larsen & Toubro, is focused on Engineering and R&D (ER&D) services. The company offers consultancy, design, development and testing services across the product and process development life cycle.

Shares of LTTS slumped 6.77% to Rs 2,607.65 on BSE. The scrip hovered in the range of Rs 2,572.20 to Rs 2,700 so far.

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