L&T Technology Services reports 11 per cent revenue growth in FY20

Mumbai (Maharashtra) [India] May 16 (ANI/BusinessWire India): L&T Technology Services Limited, India’s leading pure-play engineering services company, announced its results for the fourth quarter ended March 31, 2020.
Highlights for FY20 include:
* Revenue at Rs 56,191 million; growth of 11 per cent
* USD Revenue at USD 786 million; constant currency growth of 9.3 per cent
* EBIT margin at 16.5 per cent; up 50bps
* Net profit at Rs 8,186 million; growth of 7 per cent
* Board has recommended a final dividend of Rs 13.50 per share
Highlights for Q4FY20 include:
* Revenue at Rs 14,466 million; growth of 8 per cent YoY
* USD Revenue at USD 195.4 million; growth of 3.4 per cent YoY in constant currency
* Net profit at Rs 2,048 million; growth of 7 per cent YoY
During the quarter, LTTS won nine multi-million dollar deals across all major industry segments which includes one deal with TCV of USD 30 million plus. On a YoY basis, LTTS has increased its USD 20 million plus clients by 3 and its USD 10million plus clients by 5.
“We closed FY20 with 11 per cent revenue growth accompanied by an improvement in operating margin despite multiple headwinds through the year – starting with Telecom & Hitech segment in Q1FY20 and ending with Covid-19 in Q4FY20. While Covid-19 is an ongoing challenge, we have continued to be the reliable and preferred partner to our customers while at the same time taking care of the health and safety of our employees. In response to the pandemic, LTTS has rolled out a suite of digital offerings, including i-BEMS Shield for safe workplaces and Frugal Manufacturing to help enterprises transfer or prioritize their manufacturing & production lines,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
“The near-term outlook for the world economy appears uncertain as a result of the fallout from the global pandemic, however we see this crisis accelerating the trend of customers seeking credible partners who bring capability and speed-to-market. We believe this will lead to greater consolidation and enable us to expand engagement scopes once customers adjust and re-draw their business plans under a new normal,” said Dr Keshab.
“The scale, track record and recognition that we have built over the past decade has been on the back of our investments in people, competency building and technology design labs which we are determined to continue so that we reach the milestones we have set for ourselves”, added Dr Keshab Panda.
Industry Recognitions:
* IDC rated LTTS as ‘Leader’ in Worldwide Business and Industrial IoT Engineering and Managed Services 2020
* LTTS was rated as an overall leader by Nelson Hall in Digital Manufacturing Services
* Conferred with the US based Brandon Hall Award for Best Advance in Employee Rewards and Recognitions
Patents
At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 502, out of which 365 are co-authored with its customers and the rest are filed by LTTS.
Human Resources
At the end of Q4FY20, LTTS’ employee strength stood at 16,883, a net addition of 96 during the quarter.
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