L&T Technology Services Limited announced profit growth and revenue in Q2FY21

L&T Technology Services Limited
L&T Technology Services Limited

L&T Technology Services Limited (LTTS) has announced its results for the second quarter ended September 30, 2020. During this period LTTS had won 8 multi-million dollar deals in all industries segment. They also won three deals with TCV which is worth $ 15 million-plus. LTTS also won another three deals with TCV which is worth $ 10 million-plus. During this quarter, revenues from digital and leading-edge technologies were at 49 percent.

During this quarter, LTTS reported that their USD revenue stands at $ 178 million, which is a quarter on quarter growth of 4.1 percent. Their revenue stands at ₹ 13,138 million, which is a growth of 1.5 percent quarter on quarter. They also announced their EBIT margin at 13.7 percent, up 160 bps quarter on quarter. They also announced that they achieved a net profit of ₹ 1,655 million, which marks a quarter on quarter growth of 41 percent and Interim Dividend stands at ₹ 7.5 per share.

ANI reported comments of Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited as he said, “We had a strong quarter with broad-based revenue growth and an improvement in operating margin performance, in line with what we had guided. Steady order bookings and a healthy pipeline across all segments give us confidence that the growth momentum will continue. Customers are accelerating the deployment of digital engineering projects to enable business continuity and drive scale. LTTS with its highly differentiated skillsets in Plant Engineering is thus rightly positioned to provide solutions around virtualization, 3D Modelling, and digital twin, which allows it to partner with customers on transformational programs.”

He also added, “Our efforts to build Platforms and Solutions practice has started to see better traction in the marketplace with customers demanding solutions that provide enhanced safety and remote productivity in the context of the pandemic. LTTS’ solutions such as i-BEMS™ Shield – a smart campus framework, and AVERTLE™ – a predictive maintenance solution for touchless plant operations, have seen multiple wins in Q2 and the pipeline looks exciting. We continue to invest in design labs; in Q2, we opened a state-of-the-art EV lab to work on technologies that will improve the performance and endurance of electric vehicles. Our EV practice is seeing good traction across top Auto OEMs and suppliers.”

LTTS has been set as Leader in the Development, Verification & Validation, Deployment, and System Integration Industry 4.0 Services PEAK Matrix® Assessment 2020 by the Everest Group.

The company also got recognitions like Most Innovative Tech Company of the year, Most Exemplary Employer (COVID-19 response category), and Best Brand Experience of the Year in the 17th Stevie® International Business Awards. LTTS also got awarded silver in the Best Workplace Practices at the annual Financial Express BrandWagon Ace Awards 2020. For Best Advances in Talent Acquisition Process and Employee Engagement, the company also won Brandon Hall HCM Excellence Award.

At the end of the second quarter, the number of patents of L&T Technology Services stood at 550. Out of the total 550, 404 are co-authored with its customers and the rest are filed by LTTS.

LTTS had an employee strength of 15,902 at the end of Q2FY21.