L&T Technology Services Q3 PAT down 9.2% yoy at Rs186.9cr

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L&T Technology Services reported -1.56% fall yoy in Dec-20 quarter consolidated revenues at Rs1,400.70cr. The company reported fall in top line revenues across key verticals like Transportation and Plant Engineering. However, revenues from medical devices and telecom & hi-tech were up on a yoy basis, that partially compensated.


For the Dec-20 quarter, the consolidated operating profits were down -10.83% at Rs213.20cr. This was on the back of higher manpower expenses although this partially compensated by better control over other expenses. As a result, the operating margin or OPM contracted from 16.80% in the Dec-19 quarter to 15.22% in Dec-20 quarter.


Consolidated Profit after tax (PAT) for the Dec-20 quarter was lower by -9.18% at Rs186.90cr on lower operating metrics despite mildly lower tax outgo. PAT margins also contracted from 14.46% in Dec-19 to 13.34% in Dec-20.


Financial highlights for Dec-20 compared yoy and sequentially











L&T Technology Services

Rs in Crore

Dec-20

Dec-19

YOY

Sep-20

QOQ

Total Income (Rs cr)

₹ 1,400.70

₹ 1,422.90

-1.56%

₹ 1,313.80

6.61%

Operating Profit (Rs cr)

₹ 213.20

₹ 239.10

-10.83%

₹ 180.10

18.38%

Net Profit (Rs cr)

₹ 186.90

₹ 205.80

-9.18%

₹ 166.30

12.39%

Diluted EPS (Rs)

₹ 17.63

₹ 19.34

₹ 15.69

OPM

15.22%

16.80%

13.71%

Net Margins

13.34%

14.46%

12.66%

 

Key takeaways from the Dec-20 quarter results


  • In dollar terms, LTTS reported 6.8% growth in revenues on a sequential basis and 12.4% growth in dollar profits. During the Dec-20 quarter, LTTS won 7 contracts of value exceeding $10 million each.

  • In terms of verticals, 30% of revenues were accounted by the transport sector followed by Telecom & hi-tech at 23% and industrial products at 19.3%. Plant engineering contributed 14.7% in the quarter while medical devices accounted for the balance 12.7% in total revenues in the quarter.

  • In terms of Geographies, North America remains the biggest market giving 61.2% of revenues in the latest Dec-20 quarter. Europe accounts for 16.1% while India accounts for 13.9% of total revenues. In the latest quarter, the offshore : onsite ratio has improved favourably to 57.1 : 42.9.

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( With inputs from indiainfoline)

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