L&T Technology Services reports a resilient Q4FY21 to close FY21 with strong execution

Business Wire India

• Q4 Revenue of $197.5mn, up 4% QoQ
• Q4 Net profit of Rs 195 crore, up 5% QoQ

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021.

Highlights for Q4FY21 include:

• Revenue at Rs 14,405 million; growth of 2.8% QoQ
• USD Revenue at $197.5 million; growth of 3.9% QoQ
• EBIT margin at 16.6%; up 140 bps QoQ
• Net profit at Rs 1,945 million; growth of 4.5% QoQ

Highlights for FY21 include:

• Revenue at Rs 54,497 million; decline of 3%
• USD Revenue at $737 million; decline of 6.3%
• EBIT margin at 14.5%
• Net profit at Rs 6,633 million; decline of 19%
• Board has recommended a final dividend of Rs 14.50 per share

During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter.

“We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at Rs 1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path.

We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth.

As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Industry Recognitions:

• LTTS has been recognized as a ‘Leader’ for Development and Verification & Validation services in Industry 4.0 by Everest Group
• ISG Group rated LTTS as ‘Leader’ in Smart Manufacturing Services for Automotive and Hi-Tech
• LTTS won the 2021 Big Innovation Awards, USA for Chest rAI™ and i-BEMS™.
• For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence.

Patents
At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS.

Human Resources
At the end of Q4FY21, LTTS’ employee strength stood at 16,452.