LTTS' multi-domain engineering expertise from manufacturing to healthcare andtelecommunications and its bluechip clientele comprising 69 Fortune 500 companies hashelped it gain market share on a sustained basis.
I do hope that you and your loved ones are taking good care of yourselves while keepingfaith in the administration frontline workers and research scientists to contain thefallout of the viral outbreak and develop a solution to overcome a problem of globalmagnitude.
I now wish to present your Company's Annual Report for the fiscal year 2020. In itsfourth year as a listed company L&T Technology Services (LTTS) continues to build onits engineering legacy and consolidate its position as India's leading pure-playengineering services provider. You will be happy to know that ER&D spends globallyhave shown a steady increase year after year making the sector relativelyrecession-proof as demand for cutting edge services and solutions continue to rise. Theengineering services outsourcing industry is gaining considerable traction as customersare increasingly placing a premium on R&D and innovation.
Comprehensive ER&D Services
As a leader in the Indian engineering services space LTTS is poised to become thepreferred engineering partner to the world's top ER&D companies. The Company'smulti-domain engineering expertise from manufacturing to healthcare andtelecommunications and its blue- chip clientele comprising 69 Fortune 500 companies hashelped LTTS gain market share on a sustained basis.
Your Company is among the frontrunners in Digital Engineering in Indian industry. LTTS'focus is on conceiving and executing digital blueprints for its global customers. Aresearch-oriented culture and out-of-the-box thinking reflected in its growing number ofpatents and IP portfolio further consolidates its credentials as an innovation-ledcompany.
Our leadership in the field is built on the pillars of investing in future technologytrends backed by continuous training to ensure that our employees' skillsets and domainknowledge remain on the cutting-edge. We have set up a comprehensive digital skillstraining program to encourage and mentor engineers to develop skills in new-age fieldssuch as machine learning automation and engineering analytics. Theoretical training iscomplemented with real-life insights from customer projects making the LTTS engineersboth highly-skilled and future-ready.
In these uncertain times corporates around the world are seeking to mitigate risk bygravitating towards industry leaders and well-established brands. In my interactions withseveral of the world's top CEOs I have observed a marked trend of consolidation of marketshare in favor of industry leading technology players. Major enterprises today are lookingfor technology partners who are agile flexible innovative and can accelerate theirtransformation journey. This holds good prospects for growth for LTTS in the longer term.In the post COVID era new-age technologies such as 5G Artificial Intelligence Machineto Machine Communication Internet of Things and Advanced Robotics will play a major rolein normalization' of the work ethos. Technology will enable and enhance moreoperations in multiple sectors manufacturing transportation healthcare etc.Anticipating this your Company has been consistently investing and growing its new-agetechnology portfolio allowing it to roll out cutting-edge offerings to customers. Withproven expertise in Digital Engineering LTTS could well become the transformation partnerof choice for more of the world's leading companies.
Performance in FY20
LTTS has done remarkably well despite the challenges posed since the beginning of FY20.In the fiscal year ended March 31 2020 revenues grew 11% to touch Rs. 56191 millionequivalent to USD 786 million while net profit rose 7% to Rs. 8186 million for the year.
LTTS is among the top-rated companies in the analyst community winning recognitionfrom some of the world's reputed consultancies including Everest Group ARC andNelsonHall. Other accolades that your Company won in FY20 include recognition from theConfederation of Indian Industry (CII) as one of the most innovative Indian companies inthe Services category in the Large Enterprises' segment. I look forward to seeing thevibrant team of LTTS cross more milestones in the years ahead.
I thank Dr. Keshab Panda and his inspired team for an impressive performance. I alsothank all of you our valuable shareholders for steadfastly supporting LTTS. I wish everyone of you and your families a safe healthy and prosperous future.
|A. M. Naik |
|Founder Chairman |