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Larsen & Toubro Technology Services (LTTS), a subsidiary of infrastructure giant Larsen & Toubro, has reported a 34.7% YoY growth in profits and 22% YoY growth in revenues.
LTTS is the engineering and research & development arm of L&T. It is a global leader in ER&D services with around 816 patents filed for 57 top global ER&D spenders and operates in 30 countries. The company has several accomplishments under its wing such as World's first Autonomous Welding Robot, a Solar connectivity drone & the smartest campus in the world among several others.
In the quarter that ended on December 2021, the company had a net profit of Rs 194.5 crore while the profit for this quarter ended at Rs 262 crores, posting a growth of 34.7% YoY in profits.
The revenue for this quarter was Rs 1,756.1 crores, up 22% from the previous quarter of Rs 1,446.6 crores. The company saw a 57% growth in revenues from digital and leading-edge technologies
The company won a $100 million deal, one $25 million deal, and 4 other contracts with a Total Contract Value of $10 million. The company's patents portfolio stood at 868 of which 605 were co-authored with clients.
"We achieved several milestones in FY22 - a dollar revenue growth of 20% in constant currency, record-high operating margins, and a more than three-fold increase in patents filed by our engineers. Our growth was broad-based with all five segments growing in double digits and showing an improvement in operating margins," said Amit Chadha, CEO, and MD of LTTS.
The company's stock has fallen for the past 2 or so weeks consistently. It has seen a 17.5% decline in price since 5th April. However, 21st April saw signs of reversal. The stock opened low today but grew 2.8% in early trading hours.
Article by Aman Agarwal.
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