On consolidated basis
L&T Technology services for the
quarter ended Sep 2022 reported a consolidated revenue of Rs 1,995.10, a growth
of 6.5% QoQ and 24.1%YoY. On USD terms the revenue for the quarter was USD 247.10
million, a growth of 18.0% YoY in CC terms.
Quarter ended September 2022
compared with Quarter ended June 2022.
Net sales (including other operating income) of L&T Technology Services has
increased 6.48% to Rs 1995.1 crore.
Operating profit margin has declined
from 21.40% to 21.14%, leading to 5.19% rise in operating profit to Rs 421.80
crore. Employee cost increased from 57.02% to 57.78%.
Other expenses fell from 21.58% to 21.08%.
Other income fell 12.50% to Rs 39.2
crore. PBIDT rose 3.41% to Rs 461 crore. Provision for
interest rose 21.30% to Rs 13.1 crore. Loan funds remained
nil.
PBDT rose 2.97% to Rs 447.9
crore. Provision for depreciation rose 2.43% to Rs 59
crore.
Profit before tax grew 3.05% to Rs
388.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 105.7 crore, compared
to Rs 102.4 crore. Effective tax rate was 27.18% compared to 27.13%.
Net profit attributable to owners of
the company increased 2.99% to Rs 282.40 crore.
Promoters’ stake was 73.88% as of 30
September 2022 ,compared to 73.88% as of 30 June 2022 .
Quarter ended September 2022 compared
with Quarter ended September 2021.
Net sales (including other operating income) of L&T Technology Services has
increased 24.10% to Rs 1995.1 crore. Sales of Transportation segment
has gone up 36.83% to Rs 689.60 crore (accounting for 34.56% of total
sales). Sales of Process Engineering segment has gone up 32.18% to
Rs 325.30 crore (accounting for 16.30% of total sales). Sales of
Industrial Products segment rose 16.83% to Rs 376.30 crore (accounting for
18.86% of total sales). Sales of Medical Devices segment has gone up
10.54% to Rs 216.00 crore (accounting for 10.83% of total
sales). Sales of Telecom segment has gone up 14.05% to Rs 387.90
crore (accounting for 19.44% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 24.62% to Rs 447.50
crore. PBIT of Transportation segment rose 41.62% to Rs 139.50 crore
(accounting for 31.17% of total PBIT). PBIT of Process Engineering
segment rose 46.57% to Rs 81.20 crore (accounting for 18.15% of total
PBIT). PBIT of Industrial Products segment rose 15.53% to Rs 113.80
crore (accounting for 25.43% of total PBIT). PBIT of Medical Devices
segment rose 6.14% to Rs 67.40 crore (accounting for 15.06% of total
PBIT). PBIT of Telecom segment rose 5.56% to Rs 45.60 crore
(accounting for 10.19% of total PBIT).
PBIT margin of Transportation segment
rose from 19.54% to 20.23%. PBIT margin of Process Engineering
segment rose from 22.51% to 24.96%. PBIT margin of Industrial
Products segment fell from 30.58% to 30.24%. PBIT margin of Medical
Devices segment fell from 32.50% to 31.20%. PBIT margin of Telecom
segment fell from 12.70% to 11.76%. Overall PBIT margin rose from
22.34% to 22.43%.
Operating profit margin has declined
from 21.73% to 21.14%, leading to 20.76% rise in operating profit to Rs 421.80
crore. Employee cost increased from 56.22% to 57.78%.
Other expenses fell from 22.06% to 21.08%.
Other income rose 33.79% to Rs 39.2
crore. PBIDT rose 21.76% to Rs 461 crore. Provision for
interest rose 15.93% to Rs 13.1 crore. Loan funds declined from Rs
506.00 crore as of 30 September 2021 to Rs 461.20 crore as of 30 September
2022. Sundry debtors were higher at Rs 1,656.40 crore as of 30
September 2022 compared to Rs 1,489.50 crore as of 30 September
2021. Cash and bank balance declined from Rs 771.10 crore as of 30
September 2021 to Rs 641.20 crore as of 30 September
2022. Investments rose to Rs 1,794.70 crore as of 30 September 2022
from Rs 1,187.20 crore as of 30 September 2021 .
PBDT rose 21.94% to Rs 447.9
crore. Provision for depreciation rose 11.53% to Rs 59
crore. Fixed assets increased to Rs 722.30 crore as of 30 September
2022 from Rs 665.30 crore as of 30 September 2021. Intangible assets
declined from Rs 646.70 crore to Rs 599.30 crore.
Profit before tax grew 23.70% to Rs
388.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 105.7 crore, compared
to Rs 83.6 crore. Effective tax rate was 27.18% compared to 26.59%.
Net profit attributable to owners of
the company increased 22.78% to Rs 282.40 crore.
Equity capital increased from Rs
21.00 crore as of 30 September 2021 to Rs 21.10 crore as of 30 September
2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.88% as of 30
September 2022 ,compared to 74.15% as of 30 September 2021 .
Year-to-date (YTD) results
analysis.
Net sales (including other operating income) of L&T Technology Services has
increased 23.76% to Rs 3868.8 crore. Sales of Transportation segment
has gone up 34.12% to Rs 1,311.40 crore (accounting for 33.90% of total
sales). Sales of Plant Engineering segment has gone up 29.64% to Rs
625.90 crore (accounting for 16.18% of total sales). Sales of
Industrial Products segment rose 18.46% to Rs 731.60 crore (accounting for
18.91% of total sales). Sales of Medical Devices segment has gone up
15.24% to Rs 429.50 crore (accounting for 11.10% of total
sales). Sales of Telecom segment has gone up 14.10% to Rs 770.40
crore (accounting for 19.91% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 25.94% to Rs 875.30
crore. PBIT of Transportation segment rose 38.37% to Rs 262.90 crore
(accounting for 30.04% of total PBIT). PBIT of Plant Engineering
segment rose 41.34% to Rs 162.40 crore (accounting for 18.55% of total PBIT). PBIT
of Industrial Products segment rose 17.69% to Rs 217.50 crore (accounting for
24.85% of total PBIT). PBIT of Medical Devices segment rose 9.39% to
Rs 132.80 crore (accounting for 15.17% of total PBIT). PBIT of
Telecom segment rose 18.83% to Rs 99.70 crore (accounting for 11.39% of total
PBIT).
PBIT margin of Transportation
segment rose from 19.43% to 20.05%. PBIT margin of Plant Engineering
segment rose from 23.80% to 25.95%. PBIT margin of Industrial
Products segment fell from 29.92% to 29.73%. PBIT margin of Medical
Devices segment fell from 32.57% to 30.92%. PBIT margin of Telecom
segment rose from 12.43% to 12.94%. Overall PBIT margin rose from
22.23% to 22.62%.
Operating profit margin has declined
from 21.34% to 21.27%, leading to 23.36% rise in operating profit to Rs 822.80
crore. Employee cost increased from 56.93% to 57.41%.
Other expenses fell from 21.74% to 21.32%.
Other income rose 14.29% to Rs 84
crore. PBIDT rose 22.46% to Rs 906.8 crore. Provision for
interest rose 8.14% to Rs 23.9 crore. Loan funds declined from Rs
506.00 crore as of 30 September 2021 to Rs 461.20 crore as of 30 September
2022. Sundry debtors were higher at Rs 1,656.40 crore as of 30
September 2022 compared to Rs 1,489.50 crore as of 30 September 2021. Cash
and bank balance declined from Rs 771.10 crore as of 30 September 2021 to Rs
641.20 crore as of 30 September 2022. Investments rose to Rs
1,794.70 crore as of 30 September 2022 from Rs 1,187.20 crore as of 30
September 2021 .
PBDT rose 22.90% to Rs 882.9
crore. Provision for depreciation rose 7.66% to Rs 116.6
crore. Fixed assets increased to Rs 722.30 crore as of 30 September
2022 from Rs 665.30 crore as of 30 September 2021. Intangible assets
declined from Rs 646.70 crore to Rs 599.30 crore.
Profit before tax grew 25.60% to Rs
766.30 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 208.1 crore, compared
to Rs 162.3 crore. Effective tax rate was 27.16% compared to 26.60%.
Net profit attributable to owners of
the company increased 24.74% to Rs 556.60 crore.
Equity capital increased from Rs
21.00 crore as of 30 September 2021 to Rs 21.10 crore as of 30 September
2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.88% as of 30
September 2022 ,compared to 74.15% as of 30 September 2021 .
Cash flow from operating activities
increased to Rs 573.60 crore for YTD ended September 2022 from Rs 461.30 crore
for YTD ended September 2021. Cash flow used in acquiring fixed
assets during the YTD ended September 2022 stood at Rs 123.30 crore, compared
to Rs 40.30 crore during the YTD ended September 2021.
Full year results analysis.
Net sales (including other operating income) of L&T Technology Services has
increased 20.55% to Rs 6569.7 crore. Sales of Transportation segment
has gone up 23.72% to Rs 2,099.10 crore (accounting for 31.95% of total
sales). Sales of Plant Engineering segment has gone up 27.19% to Rs
1,014.10 crore (accounting for 15.44% of total sales). Sales of
Industrial Products segment rose 21.53% to Rs 1,276.60 crore (accounting for
19.43% of total sales). Sales of Medical Devices segment has gone up
11.50% to Rs 775.70 crore (accounting for 11.81% of total
sales). Sales of Telecom segment has gone up 16.09% to Rs 1,404.20 crore
(accounting for 21.37% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 37.51% to Rs 1,456.80
crore. PBIT of Transportation segment rose 59.09% to Rs 397.10 crore
(accounting for 27.26% of total PBIT). PBIT of Plant Engineering
segment rose 51.23% to Rs 252.10 crore (accounting for 17.31% of total
PBIT). PBIT of Industrial Products segment rose 33.36% to Rs 377.80
crore (accounting for 25.93% of total PBIT). PBIT of Medical Devices
segment rose 16.01% to Rs 248.50 crore (accounting for 17.06% of total
PBIT). PBIT of Telecom segment rose 24.52% to Rs 181.30 crore
(accounting for 12.45% of total PBIT).
PBIT margin of Transportation
segment rose from 14.71% to 18.92%. PBIT margin of Plant Engineering
segment rose from 20.91% to 24.86%. PBIT margin of Industrial
Products segment rose from 26.97% to 29.59%. PBIT margin of Medical
Devices segment rose from 30.79% to 32.04%. PBIT margin of Telecom
segment rose from 12.04% to 12.91%. Overall PBIT margin rose from
19.44% to 22.17%.
Operating profit margin has jumped
from 18.49% to 21.54%, leading to 40.45% rise in operating profit to Rs
1,414.90 crore. Employee cost decreased from 61.56% to 55.57%.
Other expenses rose from 19.95% to 22.90%.
Other income fell 0.85% to Rs 152.4
crore. PBIDT rose 34.98% to Rs 1567.3 crore. Provision
for interest fell 3.96% to Rs 43.7 crore. Loan funds declined from
Rs 480.50 crore as of 31 March 2021 to Rs 477.10 crore as of 31 March 2022. Sundry
debtors were higher at Rs 1,695.90 crore as of 31 March 2022 compared to Rs
1,234.60 crore as of 31 March 2021. Cash and bank balance rose to Rs
674.20 crore as of 31 March 2022 from Rs 232.70 crore as of 31 March
2021. Investments declined from Rs 1,514.90 crore as of 31 March
2021 to Rs 1,477.90 crore as of 31 March 2022.
PBDT rose 36.57% to Rs 1523.6
crore. Provision for depreciation fell 1.79% to Rs 214.4
crore. Fixed assets declined from Rs 711.60 crore as of 31 March
2021 to Rs 704.50 crore as of 31 March 2022. Intangible assets
increased from Rs 582.70 crore to Rs 588.10 crore.
Profit before tax grew 45.90% to Rs
1,309.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 348.6 crore, compared
to Rs 230.8 crore. Effective tax rate was 26.63% compared to 25.72%.
Minority interest increased 12.50%
to Rs 3.60 crore. Net profit attributable to owners of the company
increased 44.28% to Rs 957.00 crore.
Equity capital increased from Rs
21.00 crore as of 31 March 2021 to Rs 21.10 crore as of 31 March
2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.90% as of 31
March 2022 ,compared to 74.24% as of 31 March 2021 .
Cash flow from operating activities
decreased to Rs 1,006.20 crore for year ended March 2022 from Rs 1,327.30 crore
for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 248.50 crore, compared to Rs 77.10
crore during the year ended March 2021.
Others:
Dividend:
The board has declared a interim dividend of Rs 15 per equity share.
Management
Comment:
Commenting on the performance of the
company Mr. Amit Chadha, CEO & Managing Director, L&T Technology
Services, said: “We are proud to have achieved a USD 1 billion annualized
revenue run-rate in Q2 on constant currency basis. Our momentum stayed strong
in the second quarter with revenue growing sequentially by 4.5% in constant
currency. Investments into our EACV big bet has helped us win large deals
consistently. In Q2, we won a USD 60 million plus deal - the third consecutive
quarter of wins in the USD 50 to 100 million TCV range for the Transportation
segment.
We
had a good quarter in deals wins, especially in Europe where we closed a record
high booking. There is strong demand for Digital Manufacturing Services with
programs being initiated around factory automation and digital twin that are
enabling us to deliver quick ROI to our Industrial Products and Plant
Engineering customers.
Even
as macro-economic uncertainties prevail, we do see customer investments
continuing unabated in the six big bets. Our innovation led engineering and
technology offerings give us the confidence of meeting our growth aspirations.”
| L&T Technology Services : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,995.10 | 1,607.70 | 24.10 | 3,868.80 | 3,126.10 | 23.76 | 6,569.70 | 5,449.70 | 20.55 | | OPM (%) | 21.14 | 21.73 | -58 bps | 21.27 | 21.34 | -7 bps | 21.54 | 18.49 | 305 bps | | OP | 421.80 | 349.30 | 20.76 | 822.80 | 667.00 | 23.36 | 1,414.90 | 1,007.40 | 40.45 | | Other Inc. | 39.20 | 29.30 | 33.79 | 84.00 | 73.50 | 14.29 | 152.40 | 153.70 | -0.85 | | PBIDT | 461.00 | 378.60 | 21.76 | 906.80 | 740.50 | 22.46 | 1,567.30 | 1,161.10 | 34.98 | | Interest | 13.10 | 11.30 | 15.93 | 23.90 | 22.10 | 8.14 | 43.70 | 45.50 | -3.96 | | PBDT | 447.90 | 367.30 | 21.94 | 882.90 | 718.40 | 22.90 | 1,523.60 | 1,115.60 | 36.57 | | Depreciation | 59 | 52.9 | 11.53 | 116.6 | 108.3 | 7.66 | 214.4 | 218.3 | -1.79 | | PBT | 388.90 | 314.40 | 23.70 | 766.3 | 610.1 | 25.60 | 1309.2 | 897.3 | 45.90 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 388.9 | 314.4 | 23.70 | 766.3 | 610.1 | 25.60 | 1309.2 | 897.3 | 45.90 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 388.9 | 314.4 | 23.70 | 766.3 | 610.1 | 25.60 | 1309.2 | 897.3 | 45.90 | | Taxation | 105.7 | 83.6 | 26.44 | 208.1 | 162.3 | 28.22 | 348.6 | 230.8 | 51.04 | | PAT | 283.2 | 230.8 | 22.70 | 558.2 | 447.8 | 24.65 | 960.6 | 666.5 | 44.13 | | Minority Interest (MI) | 0.8 | 0.8 | 0 | 1.6 | 1.6 | 0 | 3.6 | 3.2 | 12.50 | | Net profit | 282.4 | 230 | 22.78 | 556.6 | 446.2 | 24.74 | 957 | 663.3 | 44.28 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 282.4 | 230 | 22.78 | 556.6 | 446.2 | 24.74 | 957 | 663.3 | 44.28 | | EPS (Rs)* | 26.75 | 21.78 | 22.78 | 52.72 | 42.26 | 24.74 | 90.64 | 62.83 | 44.28 | | | * EPS is on current equity of Rs 21.12 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| L&T Technology Services : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Transportation | 34.56 | 689.60 | 504.00 | 36.83 | 33.90 | 1,311.40 | 977.80 | 34.12 | 31.95 | 2,099.10 | 1,696.70 | 23.72 | | Process Engineering | 16.30 | 325.30 | 246.10 | 32.18 | 16.18 | 625.90 | 482.80 | 29.64 | 15.44 | 1,014.10 | 797.30 | 27.19 | | Industrial Products | 18.86 | 376.30 | 322.10 | 16.83 | 18.91 | 731.60 | 617.60 | 18.46 | 19.43 | 1,276.60 | 1,050.40 | 21.53 | | Medical Devices | 10.83 | 216.00 | 195.40 | 10.54 | 11.10 | 429.50 | 372.70 | 15.24 | 11.81 | 775.70 | 695.70 | 11.50 | | Telecom | 19.44 | 387.90 | 340.10 | 14.05 | 19.91 | 770.40 | 675.20 | 14.10 | 21.37 | 1,404.20 | 1,209.60 | 16.09 | | Total Reported Sales | 100.00 | 1,995.10 | 1,607.70 | 24.10 | 100.00 | 3,868.80 | 3,126.10 | 23.76 | 100.00 | 6,569.70 | 5,449.70 | 20.55 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,995.10 | 1,607.70 | 24.10 | 100.00 | 3,868.80 | 3,126.10 | 23.76 | 100.00 | 6,569.70 | 5,449.70 | 20.55 | | PBIT | | Transportation | 31.17 | 139.50 | 98.50 | 41.62 | 30.04 | 262.90 | 190.00 | 38.37 | 27.26 | 397.10 | 249.60 | 59.09 | | Process Engineering | 18.15 | 81.20 | 55.40 | 46.57 | 18.55 | 162.40 | 114.90 | 41.34 | 17.31 | 252.10 | 166.70 | 51.23 | | Industrial Products | 25.43 | 113.80 | 98.50 | 15.53 | 24.85 | 217.50 | 184.80 | 17.69 | 25.93 | 377.80 | 283.30 | 33.36 | | Medical Devices | 15.06 | 67.40 | 63.50 | 6.14 | 15.17 | 132.80 | 121.40 | 9.39 | 17.06 | 248.50 | 214.20 | 16.01 | | Telecom | 10.19 | 45.60 | 43.20 | 5.56 | 11.39 | 99.70 | 83.90 | 18.83 | 12.45 | 181.30 | 145.60 | 24.52 | | Total PBIT | 100.00 | 447.50 | 359.10 | 24.62 | 100.00 | 875.30 | 695.00 | 25.94 | 100.00 | 1,456.80 | 1,059.40 | 37.51 | | Less : Interest | | 13.10 | 11.30 | 15.93 | | 23.90 | 22.10 | 8.14 | | 43.70 | 45.50 | -3.96 | | Add: Other un-allcoable | | -45.50 | -33.40 | -36.23 | | -85.10 | -62.80 | -35.51 | | -103.90 | -116.60 | 10.89 | | PBIT Margin(%) | | Transportation | | 20.23 | 19.54 | 68.55 | | 20.05 | 19.43 | 61.59 | | 18.92 | 14.71 | 420.67 | | Process Engineering | | 24.96 | 22.51 | 245.04 | | 25.95 | 23.80 | 214.80 | | 24.86 | 20.91 | 395.14 | | Industrial Products | | 30.24 | 30.58 | -33.87 | | 29.73 | 29.92 | -19.29 | | 29.59 | 26.97 | 262.36 | | Medical Devices | | 31.20 | 32.50 | -129.37 | | 30.92 | 32.57 | -165.34 | | 32.04 | 30.79 | 124.64 | | Telecom | | 11.76 | 12.70 | -94.65 | | 12.94 | 12.43 | 51.54 | | 12.91 | 12.04 | 87.42 | | PBT | 100.00 | 388.90 | 314.40 | 23.70 | 100.00 | 766.30 | 610.10 | 25.60 | 100.00 | 1,309.20 | 897.30 | 45.90 |
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