L&T Technology Services Q4 results: Profit falls 5% to Rs 194.5 cr

Pune: L&T Technology Services reported a net profit of Rs 194.5 crore, 5% lower than the corresponding quarter last year. Revenues were flat at Rs 1440.5 crore, while dollar revenue was $197.5 million.

For financial year 2021, the company reported a 19% decline in net profit at Rs 663.3 crore and 3% decline in revenues at Rs 5449.7 crore. US revenues were down 6.3% at $737 million and the EBIT margin was at 14.5%. The board of the company has recommended a final dividend of Rs 14.50 per share.

During the quarter, LTTS won 6 deals with TCV of over $10 million, including two deals over $25 million. Revenues from digital and leading-edge technologies stood at 52% during the quarter.

“We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ?1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path,” said Amit Chadha, CEO & managing directors, L&T Technology Services.

The company said the pipeline build up was healthy as customers look for innovation and digital led transformation to strengthen their market positioning.
At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. The total employee strength stood at 16,452.