LTTS Q3 PAT up 12% QoQ to Rs 186 cr

L&T Technology Services (LTTS) reported 12.4% rise in consolidated net profit to Rs 186.10 crore on a 6.6% rise in revenue to Rs 1400.70 crore in Q3 FY21 over Q2 FY21.

However, as compared to Q3 FY20, the company's net profit and revenue have declined by 8.8% and 1.6%, respectively.

In dollar terms, revenue stood at $190.1 million for the quarter; up 6.8% quarter-on-quarter (QoQ) and down 4.6% year-on-year (YoY). In constant currency, revenue was up 6.6% QoQ and down 5.2% YoY.

EBIT jumped 18.4% in the third quarter 213.2 crore from Rs 180.1 crore in the second quarter. EBIT margin was at 15.2% as on 31 December 2020 as against 13.7% as on 30 September 2020.

During the quarter, LTTS won 7 deals with TCV of $10 million plus, which includes a $100 million plus deal and two $15 million plus deals. Revenues from digital and leading-edge technologies stood at 49% during the quarter.

Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services, said: "We had a strong performance with sequential improvement in both revenue and operating margin. All five of our industry segments grew sequentially, with three segments recording growth of 5% plus. Deal wins were especially strong in the quarter helped by a marquee USD100M plus engagement with an O&G major - a validation of our best-in-class domain expertise and deep customer relationships. The deal pipeline is healthy across segments as customers prioritize business transformation to improve efficiency and productivity.

We are confident that the growth will continue to be broad-based. We raise our FY21 guidance - which is now for a revenue decline of about 6.5% in USD terms."

While announcing its second quarter results, LTTS had guided for 7%-8% decline in FY21 revenue in USD terms.

At the end of the third quarter, the patents portfolio of L&T Technology Services stood at 593, out of which 440 are co-authored with its customers and the rest are filed by LTTS.

At the end of Q3FY21, LTTS' employee strength stood at 16,069.

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.

The scrip fell 3.98% to Rs 2556.65. It traded in the range of 2416.60 and 2660 so far during the day.

Powered by Capital Market - Live News