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LTTS net profit rises 10% to Rs 204 crore in Q3

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MUMBAI: L-T Technology Services posted a net profit of Rs 204.1 crore for the quarter ended 31st December 2019, up 10% over the corresponding quarter last year.

Revenue for the quarter was up 8 per cent at Rs 1,423 crore while in dollar terms it was up 7 per cent at $199 million. “Q3 results were consistent with our expectations.

We had a strong performance in three segments - transportation, plant engineering, and medical devices that are each growing in excess of 20 per cent on YoY basis.

Digital - leading-edge technologies - the growth driver for ER-D, contributed to 41 per cent of Q3 revenues and grew by 29 per cent YoY,” said Keshab Panda, CEO - MD, LTTS. The company said that it had won nine multi-million deals during the quarter, including two with a TCV of over $30 million each.

On a year-on-year basis, the company has added two $20 million-plus clients, and four over $10 million clients. “We are seeing a new set of opportunities as customers seek disruptive technologies like AI, sensor fusion and industrial robotics to strengthen their market competitiveness.

As part of our strategy to be the preferred ER-D partner to our customers, we continue to invest in building competencies and design centers that will take us closer to the customer.

Last quarter we opened our 9th design center outside of India - an Aerospace - Defense Engineering Design Center in Rockford, Illinois (USA) that will cater to the development of high-performance engineering solutions for the global aerospace and defense industry,” Panda said. At the end of the third quarter, the patents portfolio of L-T Technology Services stood at 472, out of which 352 are co-authored with its customers and the rest are filed by LTTS. The total headcount at the end of the quarter was 16,787.




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