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Tech Services subsidiary of infrastructure giant L&T, L&T Technology Services (LTTS) reported its Q1 results wherein the company reported robust growth in profits to beat Street estimates.
The engineering services company reported a profit of Rs 274 crores for the quarter ending in June 2022, up 27% YoY and 4.7% QoQ. Its revenue grew 23% to Rs 1,873 crores, surpassing the company's own guidance of 13-15%.
EBITDA margin for the quarter was 21.4% while the operating margins declined to 18.3%. The attrition rate reached 23% as the total headcount of the company grew to 21,433 employees.
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During the quarter, the company bagged a $50 million plus deal, four $15 million deals, and two deals with a contract value of $10 million. Its Aerospace and Rail segment landed the $50 million+ deal as the company recently opened an office in Toulouse, France, to cater to the new age of digital requirements.
All verticals, except telecom and hi-tech, registered growth in double digits. Transportation grew 23.8% growth due to increased demand from the aerospace and rail segments, plant engineering clocked 20.3%, medical devices grew 13.9% & industrial products were up 14%. Indian business grew 19.6% while North American business rose 17.6%.
Amit Chadha, CEO & MD of LTTS, said "We started the new fiscal on a strong note with revenue growing sequentially by 4.7 percent in constant currency terms. Growth was led by plant engineering and industrial products, benefitting from spending on digital manufacturing, energy transition, and smart & connected products. Our focus on big bets has helped us align ourselves with these strategic and multi-year customer programs,”.
The stock of LTTS has been consistently declining since early April as it closed at Rs 3,092.75 per share on Friday, down 41% from April.
Article by Aman Agarwal.
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