L&T Technology Services reports a 10% increase in Q3FY20 net profit
During the quarter, L&T Technology Services won nine multi-million dollar deals across all major industry segments which include two deals having TCV of USD 30 million plus each. On a YoY basis, LTTS has increased its USD 20 million-plus clients by two and its USD 10 million plus clients by four
Mumbai: L&T Technology Services Limited (LTTS), India's leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2019.
Highlights for Q3FY20 include
* USD Revenue at USD 199 million; growth of 7% YoY
* Revenue at Rs 14,230 million; growth of 8% YoY
* EBIT margin at 16.8%; up 30bps YoY
* Net profit at Rs 2,041 million; growth of 10% YoY
During the quarter, LTTS won nine multi-million dollar deals across all major industry segments which include two deals having TCV of USD 30million plus each. On a YoY basis, LTTS has increased its USD20 million-plus clients by two and its USD 10million plus clients by four.
"Q3 results were consistent with our expectations. We had a strong performance in three segments - transportation, plant engineering, and medical devices that are each growing in excess of 20% on YoY basis. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 41% of Q3 revenues and grew by 29% YoY", said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
"We are seeing a new set of opportunities as customers seek disruptive technologies like AI, sensor fusion and industrial robotics to strengthen their market competitiveness. As part of our strategy to be the preferred ER&D partner to our customers, we continue to invest in building competencies and design centres that will take us closer to the customer. Last quarter we opened our ninth design centre outside of India - an Aerospace & Defense Engineering Design Centre in Rockford, Illinois (USA) that will cater to the development of high-performance engineering solutions for the global aerospace and defense industry", he added.
* Confederation of Indian Industry (CII) conferred LTTS with the CII Industrial Innovation Award, 2019 and recognized it as one of the most innovative Indian companies in the services category in the 'Large Enterprises' segment.
* The Government of India bestowed upon LTTS the dual distinction for 'High Growth in Women Employment' as well as 'Highest Exporter-IT (Mysuru Region)'. The Award was given by the Software Technology Parks of India (STPI), a Government body.
* LTTS was felicitated for its Robotic Endo-training Kit at the eighth Foundation Day of Global Innovation & Technology Alliance (GITA). Minister of Science & Technology, Health and Family Welfare and Earth Sciences Dr Harsh Vardhan felicitated LTTS at the event.
At the end of the third quarter, the patents portfolio of L&T Technology Services stood at 472, out of which 352 are co-authored with its customers and the rest are filed by LTTS.