L&T Technology Services
L&T Technology Services

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

ANI | Updated: Oct 19, 2019 14:11 IST

Mumbai (Maharashtra) [India] Oct 19 (ANI/BusinessWire India): 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 per cent YoY in constant currency
* Revenue at Rs 14,021 million; growth of 11 per cent YoY
* EBIT margin at 17 per cent; up 110bps YoY
* Net profit at Rs 2,058 million; growth of 8 per cent YoY
* Interim Dividend of Rs 7.5 per share (Record date October 31, 2019)
During the quarter, LTTS won eight 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 USD 20million plus clients by four and its USD 10million plus clients by three.
"The sustained double-digit top-line 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 per cent on YoY basis", said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
"We continue to see significant growth opportunities ahead. Our conversations with customers indicate that spends on areas such as cognitive engineering, cyber-security, and engineering analytics are becoming more pervasive and are leading to the development of next-generation smart products, services and operations. LTTS' portfolio of offerings in digital and leading-edge technologies which accounts for 39 per cent of revenue, is rightly positioned to capture such opportunities", added Panda.
"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", he added.
Industry Recognitions:
* Everest Group has named LTTS as a leader for automotive engineering services in its Peak Matrix™ assessment study. LTTS was lauded as a "Star Performer" in the segment because of noteworthy progress across its automotive engineering capabilities and the resultant market impact.
* Recognized as the 'Best Company for Excellence in Services' by the Indo-American Chamber of Commerce, West India Council (IACC-WIC). The award was presented to LTTS by the Chief Guest,  Nitin Gadkari, Minister for Road Transport & Highways and Micro, Small and Medium Enterprises.
* LTTS was recognized at the BML Munjal Awards for Business Excellence through Learning & Development in the private services category. The award was presented to LTTS by Pranab Mukherjee, Former President of India.
* Adjudged as the Gold Winner of the Stevie® Award for Best Employer of the Year 2019.
At the end of the second quarter, the patents portfolio of L&T Technology Services stood at 416, out of which 300 are co-authored with its customers and the rest are filed by LTTS.
Human Resources
At the end of Q2FY20, LTTS' employee strength stood at 16,789 a net addition of 876 during the quarter.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)