LTTS Q2 PAT rises 6% QoQ to Rs 230 crore

L&T Technology Services (LTTS) reported 6.4% rise in consolidated net profit to Rs 230 crore on a 5.9% increase in revenue to Rs 1,607.7 crore in Q2 FY22 over Q1 FY22.

The company's net profit and revenue have risen by 39.1% and 22.4% in Q2 FY22 as compared with Q2 FY21.

EBITDA improved 9.9% to Rs 349.3 crore in Q2 FY22 from Rs 317.7 crore in Q1 FY22. EBITDA margin was at 21.7% as on 30 September 2021 as against 20.9% as on 30 June 2021.

In dollar terms, the company's revenue was $217.4 million in Q2 FY22, up 5.7% QoQ and up 22.1% YoY. In constant currency terms, the revenue has increased by 6.0% QoQ and 22.3% YoY. The company raised FY22 USD revenue growth guidance to 19-20%.

During the quarter, LTTS won five deals with TCV of $10 million plus, which includes two $25 million plus deals.

The company has declared a special dividend of Rs 10 per share to mark the five-year anniversary of LTTS' IPO. The record date for the same is 27 October 2021.

Amit Chadha, CEO & Managing Director, L&T Technology Services, said: We had a strong quarter with 6% sequential growth in constant currency driven by healthy traction in digital engineering across all our five segments. The rising digital adoption across our customer base has led to our revenue from digital & leading-edge technologies increasing to 55% in Q2. The demand environment is healthy, and we are confident of broad-based growth continuing."

L&T Technology Services, a listed subsidiary of Larsen & Toubro (L&T), is an engineering services provider, focused on offering innovative design and development solutions across the product development value chain, for industries such as industrial products, transportation, aerospace, telecommunications (telecom) and the process industry. As on 30 September 2021, L&T held 74.15% shares of LTTS.

Shares of LTTS advanced 5.53% to end at Rs 5123.40 on the BSE on Tuesday.

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