LTTS Q1 net profit up 3.2 pc to Rs 203.9 cr

Larsen & Toubro Technology Services (LTTS) Friday reported a 3.2 per cent rise in consolidated net profit at Rs 203.9 crore for the June 2019 quarter.

The company had registered a net profit of Rs 197.5 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing.

Its revenue grew 16.9 per cent to Rs 1,347.5 crore in the said period as against Rs 1,152.2 crore a year ago, it added.

"We had a strong quarter in most of our segments -- industrial products, transportation, medical and process industry, with sequential growth accelerating in Q1 as compared to Q4 on the back of multiple deal wins and good deal conversions," LTTS CEO and Managing Director Keshab Panda said.

He added that digital and leading-edge technologies, the growth driver for ER&D, contributed 37 per cent of June 2019 quarter revenue, and grew by 44 per cent year-on-year.

"On the operational front, we executed well with the margin trajectory continuing to inch upwards on year-on-year basis...We are excited about the opportunities in our pipeline and see a clear trend of increasing deal sizes and outcomes," Panda said.

The company's revenue in US dollar terms grew 15 per cent year-on-year to USD 194 million.

"We remain optimistic on growth, although the loss of momentum in the telecom and hitech vertical in Q1 leads us to revise our USD revenue growth guidance to 12-14 per cent for FY20," Panda said.

During the quarter under review, LTTS won seven multi-million dollar deals across segments. Its headcount stood at 15,913 at the end of the quarter, a net addition of 773 during the period.

At the end of the reported quarter, the patents portfolio of LTTS stood at 399, out of which 288 are co-authored with its customers and 111 are filed by LTTS, the filing said.