Business Wire

L&T Technology Services Reports a 10% Increase in Q3FY20 Net Profit

Share

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2019.

Highlights for Q3FY20 include:

  • USD Revenue at $199 million; growth of 7% YoY
  • Revenue at Rs 14,230 million; growth of 8% YoY
  • EBIT margin at 16.8%; up 30bps YoY
  • Net profit at Rs 2,041 million; growth of 10% YoY

During the quarter, LTTS won 9 multi-million dollar deals across all major industry segments which includes 2 deals having TCV of USD30mn+ each. On a YoY basis, LTTS has increased its USD20mn+ clients by 2 and its USD10mn+ clients by 4.

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% on YoY basis. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 41% of Q3 revenues and grew by 29% YoY.

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”, said Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

Industry Recognitions:

  • Confederation of Indian Industry (CII) conferred LTTS with the CII Industrial Innovation Award, 2019 and recognized it as one of the most innovative Indian companies in the Services category in the ‘Large Enterprises’ segment.
  • The Government of India bestowed upon LTTS the dual distinction for ‘High Growth in Women Employment’ as well as ‘Highest Exporter-IT (Mysuru Region). The Award was given by the Software Technology Parks of India (STPI), a Government body.
  • LTTS was felicitated for its Robotic Endo-training Kit at the 8th Foundation Day of Global Innovation & Technology Alliance (GITA). Hon’ble Minister of Science & Technology, Health and Family Welfare and Earth Sciences Dr. Harsh Vardhan felicitated LTTS at the event.

Patents

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.

Human Resources

At the end of Q3FY20, LTTS’ employee strength stood at 16,787.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 51 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 16,700 employees spread across 17 global design centers, 28 global sales offices and 50 innovation labs as of December 31, 2019.

Contact information

Aniruddha Basu
L&T Technology Services Limited
E: Aniruddha.Basu@LTTS.com
T: +91-80-67675173

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Verimatrix and Qt Company Join Forces at Embedded World 2020 to Showcase IoT Shielding21.2.2020 19:35:00 EETPress release

Verimatrix, (Paris:VMX), formerly known as Inside Secure, a global provider of innovative, customer-friendly cybersecurity solutions that protect video content, endpoint devices, software and applications, today announced its 2nd annual collaboration at Embedded World with The Qt Company (Nasdaq Helsinki: QTCOM), a global software company with the leading independent technology behind millions of devices and applications. Verimatrix will showcase a pre-integrated solution of the Verimatrix Code Protection product with the Qt Software Framework at the Qt Ecosystem stand at Embedded World 2020 in Nuremberg, Germany. Qt is the platform of choice for in-vehicle systems, medical devices, industrial automation devices, and other business critical application manufacturers. Verimatrix Software Shielding suite consists of Code Protection, Whitebox and ProtectMyApp tools; with Code Protection and Whitebox now integrated within the Qt software development framework – the industry’s first-ever su

Counterpoint Research: Fugro, PTC and Mapbox Lead the Spatial Intelligence Platform Capabilities21.2.2020 17:00:00 EETPress release

With the expansion of connectivity, several innovative technologies are becoming more prevalent; location intelligence is one; leveraging location and positioning data to generate insights and create value. However, location intelligence and navigation have historically lacked the ability to navigate effectively inside buildings. This has given rise to a technology innovation that we term “Spatial Intelligence.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200221005009/en/ Counterpoint CORE Scorecard - Spatial Intelligence Platforms - (Dec-2019) (Graphic: Business Wire) Spatial intelligence platforms leverage real-time simulation of 3D models to provide visualized real-time insights, which include absorbing multiple data sets, IoT integration and enabling rapid development of digital twins. The technology can collaborate with existing new technologies like smart city, digital twins, Industry 4.0, AR/VR to create multiple i

Prohibition at Any Cost? Philip Morris International Hits Back at Global Campaign of Disinformation21.2.2020 16:58:00 EETPress release

Statement by Dr. Moira Gilchrist BSc (Hons) Pharmacy, PhD Pharmaceutical Sciences, Vice President Strategic & Scientific Communication, Philip Morris International: “‘You should develop a safer product.’ For decades, that is what governments and the public health community have told the tobacco industry. PMI has invested billions of dollars in science and technology to achieve that precise objective. “A campaign coordinated by American special interest groups, all of whom are seemingly funded by the same source—Bloomberg Philanthropies—are dedicated to just one mission. Under the guise of promoting public health, they are working to rob adults who smoke of their right to choose scientifically substantiated better alternatives to continued smoking. We have a question for them: Why are they using an elaborate network of organizations to deceive adults who smoke, elected officials, and the public health community? We can only conclude that they are pursuing a disastrous prohibition-only c

Preeminent Tax Practitioner Yash Rupal to Join Simpson Thacher in London21.2.2020 13:00:00 EETPress release

Simpson Thacher & Bartlett LLP announced today that Yash Rupal will join the Firm as a Partner in its London office where he will be a part of its global Tax Practice. He currently heads the London Tax Group at Linklaters. Yash represents a broad range of U.K. and international corporate clients, financial institutions, investment funds, hedge funds, asset managers and their respective executives on complicated, often cross-border, mergers and acquisitions, investment fund planning and tax planning matters. He also advises extensively on tax disputes, tax litigation and HMRC enquiries. “We are delighted to welcome Yash to Simpson Thacher,” said Bill Dougherty, Chairman of the Firm’s Executive Committee. “With more than 30 years of experience advising many of the world’s leading asset managers and financial institutions, Yash is widely regarded as one of the most preeminent tax practitioners in London. He will expand our tax capabilities for clients with interests in the U.K., continent

Tej Kohli Foundation Seeks to Incubate New Projects That Can Eliminate Corneal Blindness By 203521.2.2020 11:00:00 EETPress release

The Tej Kohli Foundation is to establish a new incubator to provide seed and acceleration funding to projects with the potential to help eliminate corneal blindness worldwide. Funding, practical resources and intellectual capital will be available to both commercial and non-commercial projects that have a clear path to the prevention, treatment and cure of corneal blindness; with funding decisions based on the magnitude of the total impact that a project will likely have in poor and underserved communities worldwide by 2035, as well as the likelihood that a project will succeed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200221005010/en/ Mrs. Gurujalli Tejavathi outside her home in the Bhadradri District in India. Mrs. Tejavathi receives free eye care for a previously transplanted cornea from the Tej Kohli Foundation. (Photo: Business Wire) The Tej Kohli Foundation continues to build its position as a multi-disciplinary

Advanced Bionics Announces Voluntary Field Corrective Action of The HiRes Ultra / Ultra 3D Cochlear Implant21.2.2020 05:23:00 EETPress release

Advanced Bionics (AB), a global leader in developing advanced cochlear implant systems, announced today that it has begun notifying regulatory authorities that it will voluntarily initiate a field corrective action related to the initial version of HiRes Ultra and Ultra 3D cochlear implant devices due to a decrease in performance experienced by a small percentage of recipients. AB’s priority is to ensure that all cochlear implant recipients and health care providers have the information they need to understand this situation and that they receive the necessary support. Existing recipients of HiRes Ultra and Ultra 3D may continue to use their device as normal. If recipients experience issues of hearing degradation they should visit their audiologist or other health care provider. In addition, we will begin the notification process for device recipients worldwide, where allowed, to make them aware of the potential issue. This voluntary action is being taken in an abundance of caution in

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom