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L&T Technology Services continues double-digit revenue growth in Q2FY20

Posted On: 2019-10-19 00:10:10

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

Highlights for Q2FY20 include:

- USD Revenue at $198 million; growth of 12% YoY in constant currency
- Revenue at Rs. 14,021 million; growth of 11% YoY
- EBIT margin at 17%; up 110bps YoY
- Net profit at Rs. 2,058 million; growth of 8% YoY
- Interim Dividend of Rs. 7.5 per share (Record date October 31, 2019)

During the quarter, LTTS won 8 multi-million dollar deals across all major industry segments, including new digital engineering programs for automotive, medical devices and plant engineering customers. On a YoY basis, LTTS has increased its USD20mn+ clients by 4 and its USD10mn+ clients by 3.

"The sustained double-digit topline growth in Q2 reflects the strengths of the company across a wide spectrum of industries and the focused investments into capability building. In Q2, three of our verticals - Transportation, Plant Engineering, and Medical Devices grew in excess of 20% on YoY basis.

We continue to see significant growth opportunities ahead. Our conversations with customers indicate that spends on areas such as cognitive engineering, cybersecurity and engineering analytics are becoming more pervasive and are leading to development of next generation smart products, services and operations. LTTS' portfolio of offerings in digital & leading-edge technologies which accounts for 39% of revenue, is rightly positioned to capture such opportunities.

In a short span of time, LTTS has been recognized as a Leader in the Automotive Engineering Services space by Everest, a validation of the impactful customer programs we are delivering", 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.1644.4 as compared to the previous close of Rs. 1593.25. The total number of shares traded during the day was 7026 in over 1247 trades.

The stock hit an intraday high of Rs. 1657 and intraday low of 1593.2. The net turnover during the day was Rs. 11447702.


Source: Equity Bulls

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