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L&T Technology Services Q1FY20 revenue rises on large deal wins

Posted On: 2019-07-19 18:08:27

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2019.

Highlights for Q1FY20 include:

- USD Revenue at $194 million; growth of 15% YoY
- Revenue at Rs. 13,475 million; growth of 17% YoY
- EBIT margin at 17.1%; up 230bps YoY
- Net profit at Rs. 2,039 million; growth of 3% YoY

During the quarter, LTTS won 7 multi-million dollar deals across all major industry segments. On a YoY basis, LTTS has increased its USD20mn+ clients by 2 and its USD10mn+ clients by 5.

"We had a strong quarter in most of our segments - Industrial Products, Transportation, Medical and Process Industry, with sequential growth accelerating in Q1 as compared to Q4 on the back of multiple deal wins and good deal conversions. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 37% of Q1 revenues and grew by 44% YoY. On the operational front we executed well with the margin trajectory continuing to inch upwards on YoY basis.

Innovation and speed-to-market are key priorities for our customers, and our end-end capabilities spanning product and process engineering are enabling us to engage with them at a more strategic level. Further, we are seeing good opportunities to leverage our platforms and solutions that have inbuilt AI & Machine Learning capabilities in the areas of predictive maintenance and energy management.

We are excited about the opportunities in our pipeline and see a clear trend of increasing deal sizes and outcomes," said Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

Shares of L&T Technology Services Ltd was last trading in BSE at Rs.1596 as compared to the previous close of Rs. 1661.35. The total number of shares traded during the day was 13765 in over 1287 trades.

The stock hit an intraday high of Rs. 1644.45 and intraday low of 1595. The net turnover during the day was Rs. 22150709.


Source: Equity Bulls

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