L&T Technology Services reports 5% fall in Q4 profit at ₹194.5 crore

L&T Technology Services Ltd has posted a 5.02 per cent fall in consolidated net profit at ₹194.5 crore for the fourth quarter ended March 31, compared to ₹204.8 crore recorded during the same period a year ago.

On a sequential basis, the company, a subsidiary of business conglomerate Larsen & Toubro (L&T), posted a 4.5 per cent rise in net profit from ₹186.1 crore recorded during the three- month period ended December, it said in a statement.

During the reporting quarter, the firm’s revenues slid to ₹1,440.5 crore from ₹1,446.6 crore recorded during the same period of last financial year. LTTS, a pure-play engineering services company, posted a consolidated net profit of ₹663.3 crore (₹818.6 crore) for the financial year ended March 31, with revenues of ₹5,449.7 crore (₹5,619.1 crore).

“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 crore 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,” LTTS Chief Executive Officer and Managing Director Amit Chadha said.

“We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital-led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth,” he added.

During the quarter, LTTS won six deals with total contract values of over $10 million, including two $25 million plus deals. As of March-end, the company’s patents portfolio stood at 650, out of which 485 were co-authored with its customers and the remaining 165 have been filed by LTTS. TheHinduBusinessLine