L&T Technology Services Reports Double-Digit Revenue Growth in Q3FY22

Business Wire India

  • Q3 Revenue of Rs 1,688 crore, up 20% YoY
  • Q3 Net profit of Rs 249 crore, up 34% YoY

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2021.
Highlights for Q3FY22 include:

  • Revenue at Rs 16,875 million; growth of 20% YoY
  • USD Revenue at $225.1 million; growth of 18% YoY
  • EBIT margin at 18.6%; up 340 bps YoY
  • Net profit at Rs 2,488 million; growth of 34% YoY
  • Interim Dividend of Rs 10 per share; Record date January 27, 2022

During the quarter, LTTS won a USD45 million deal and a total of 3 deals with TCV of USD10 million plus. Revenues from digital and leading-edge technologies stood at 56% during the quarter.
“We sustained our performance trajectory with sequential growth of 4.2% in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets – Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability – continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys.
We are expanding our EACV global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen our strategic partnership with European and Global clients.
In line with our long-term growth prospects and strategy, we invested in hiring and onboarding a record 1,900 plus trainees leveraging our Global Engineering Academy that is focused on continuous training and upskilling. Despite the robust employee addition, we further improved our Operating margin to 18.6%, reflecting gains from investments in talent and innovation,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.
Industry Recognitions:

  • Confederation of Indian Industry (CII) awarded LTTS with the prestigious Top 25 Innovative Company Award at the 2021 Industrial Innovation Award
  • Zinnov rated LTTS as a ‘global ER&D Leader’ and Leader across its core verticals Automotive, Aerospace, Medical Devices, Industrial, Semicon and Telecom
  • Zinnov Zones ER&D Services Report rated LTTS as a ‘Leader’ in Digital Engineering, AI Engineering, Telematics, ADAS, Digital Thread, TeleHealth and OTT
  • LTTS has been recognized as a ‘Leader’ in Digital Engineering in ISG’s Manufacturing Industry Services 2021 Study in the Transportation, Hi-Tech and Industrial segments
  • ISG’s Life Science Digital Services Study has recognized LTTS as a ‘Leader’ in Europe & USA in the MedTech and Digital Transformation Services areas
  • LTTS’ Chest-rAITM solution recognized in Innovation in Overall Customer Experience category by ASSOCHAM 2nd Innovators’ Excellence Awards 2021
  • Business Leadership Awards 2021 honored LTTS in the Innovation Excellence and Connected Car Platform of the Year categories

At the end of Q3FY22, the patents portfolio of L&T Technology Services stood at 816, out of which 578 are co-authored with its customers and the rest are filed by LTTS.
Human Resources
At the end of Q3FY22, LTTS’ employee strength stood at 20,118.