On consolidated basis
Quarter ended June 2024 compared
with Quarter ended March 2024.
Net sales (including other operating income) of L&T Technology Services has
declined 2.98% to Rs 2461.9 crore.
Operating profit margin has declined
from 19.81% to 18.53%, leading to 9.27% decline in operating profit to Rs
456.20 crore. Employee cost increased from 48.04% to 54.09%.
Other expenses fell from 32.14% to 27.38%.
Other income rose 11.07% to Rs 62.2
crore. PBIDT fell 7.23% to Rs 518.4 crore. Provision for
interest fell 0.76% to Rs 13.1 crore.
PBDT fell 7.39% to Rs 505.3
crore. Provision for depreciation fell 2.68% to Rs 72.6
crore.
Profit before tax down 8.13% to Rs
432.70 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 118.8 crore, compared
to Rs 129.6 crore. Effective tax rate was 27.46% compared to 27.52%.
Minority interest decreased 40% to
Rs 0.30 crore. Net profit attributable to owners of the company
decreased 8.01% to Rs 313.60 crore.
Promoters’ stake was 73.69% as of 30
June 2024 ,compared to 73.74% as of 31 March 2024 .
Quarter ended June 2024 compared with Quarter ended June 2023.
Net sales (including other operating income) of L&T Technology Services has
increased 6.97% to Rs 2461.9 crore. Sales of Mobility segment has
gone up 15.05% to Rs 866.00 crore (accounting for 35.18% of total
sales). Sales of Sustainability segment has gone up 1.98% to Rs
740.10 crore (accounting for 30.06% of total sales). Sales of
Hi-Tech segment has gone up 3.99% to Rs 855.80 crore (accounting for 34.76% of
total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 0.43% to Rs 471.90
crore. PBIT of Mobility segment rose 17.52% to Rs 163.00 crore
(accounting for 34.54% of total PBIT). PBIT of Sustainability
segment fell 0.30% to Rs 200.80 crore (accounting for 42.55% of total
PBIT). PBIT of Hi-Tech segment fell 16.72% to Rs 108.10 crore
(accounting for 22.91% of total PBIT).
PBIT margin of Mobility segment rose
from 18.43% to 18.82%. PBIT margin of Sustainability segment fell
from 27.75% to 27.13%. PBIT margin of Hi-Tech segment fell from
15.77% to 12.63%. Overall PBIT margin fell from 20.42% to
19.17%.
Operating profit margin has declined
from 19.68% to 18.53%, leading to 0.75% rise in operating profit to Rs 456.20
crore. Employee cost increased from 52.80% to 54.09%.
Other expenses fell from 27.53% to 27.38%.
Other income rose 30.40% to Rs 62.2
crore. PBIDT rose 3.58% to Rs 518.4 crore. Provision for
interest rose 9.17% to Rs 13.1 crore.
PBDT rose 3.44% to Rs 505.3
crore. Provision for depreciation rose 26.48% to Rs 72.6
crore.
Profit before tax grew 0.37% to Rs
432.70 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 118.8 crore, compared
to Rs 119 crore. Effective tax rate was 27.46% compared to 27.60%.
Minority interest decreased 70% to
Rs 0.30 crore. Net profit attributable to owners of the company
increased 0.80% to Rs 313.60 crore.
Promoters’ stake was 73.69% as of 30
June 2024 ,compared to 73.80% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of L&T Technology Services has
increased 9.44% to Rs 9647.3 crore. Profit before interest, tax and
other unallocable items (PBIT) has jumped 7.47% to Rs 2,005.20
crore.
Overall PBIT margin fell from 21.17%
to 20.79%.
Operating profit margin has declined
from 19.98% to 19.89%, leading to 8.98% rise in operating profit to Rs 1,919.00
crore. Employee cost decreased from 52.53% to 51.10%.
Other expenses rose from 27.49% to 29.01%.
Other income rose 1.97% to Rs 207.3
crore. PBIDT rose 8.25% to Rs 2126.3 crore. Provision for
interest rose 14.64% to Rs 50.9 crore. Loan funds rose to Rs 658.80
crore as of 31 March 2024 from Rs 454.20 crore as of 31 March
2023. Inventories rose to Rs 3.30 crore as of 31 March 2024 from Rs
1.60 crore as of 31 March 2023. Sundry debtors were higher at Rs
2,180.30 crore as of 31 March 2024 compared to Rs 2,151.70 crore as of 31 March
2023. Cash and bank balance rose to Rs 1,390.50 crore as of 31 March
2024 from Rs 689.90 crore as of 31 March 2023. Investments declined
from Rs 2,284.00 crore as of 31 March 2023 to Rs 1,492.70 crore as of 31 March
2024.
PBDT rose 8.11% to Rs 2075.4
crore. Provision for depreciation rose 16.17% to Rs 271.6
crore. Fixed assets increased to Rs 1,000.90 crore as of 31 March
2024 from Rs 708.50 crore as of 31 March 2023. Intangible assets
increased from Rs 601.00 crore to Rs 624.80 crore.
Profit before tax grew 6.99% to Rs
1,803.80 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 497.5 crore, compared
to Rs 469.6 crore. Effective tax rate was 27.58% compared to 27.85%.
Minority interest decreased 39.53%
to Rs 2.60 crore. Net profit attributable to owners of the company
increased 7.56% to Rs 1,303.70 crore.
Equity capital increased from Rs
21.10 crore as of 31 March 2023 to Rs 21.20 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.74% as of 31
March 2024 ,compared to 73.85% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 1,492.80 crore for year ended March 2024 from Rs 1,313.00 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 252.80 crore, compared to Rs
181.50 crore during the year ended March 2023.
Management
Comment:
Commenting on the performance of the
company Mr. Amit Chadha, CEO & Managing Director, L&T Technology
Services, said: “We
are making good progress with our ‘Go Deeper to Scale’ strategy and the
simplification of our organization structure into three main segments. Mobility
grew by 6% sequentially driven by our differentiated presence across EV, SDV
and connected car technology that helped us win one $ 30 Million deal and two
$15 Million deals during the quarter. In Hi-Tech and Sustainability, our new
strategy is driving a significant increase in the pipeline and large deal
discussions that makes us confident of a pickup in growth momentum.
In
AI, we are accelerating our investments and innovation focus leading to a total
of 61 patents being filed so far. We are starting to win AI led deals on the
back of our solutions in in Gen AI across Asset Health, software development
and digital assistants.
With
phase one of our reorganization and related investments in technology and
leadership complete, we are reassured of our performance for the rest of the
year and reaffirm our aspirations to reach $1.5 Billion in annualized
revenues,”
| L&T Technology Services : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,461.90 | 2,301.40 | 6.97 | 9,647.30 | 8,815.50 | 9.44 | | OPM (%) | 18.53 | 19.68 | -114 bps | 19.89 | 19.98 | -8 bps | | OP | 456.20 | 452.80 | 0.75 | 1,919.00 | 1,760.90 | 8.98 | | Other Inc. | 62.20 | 47.70 | 30.40 | 207.30 | 203.30 | 1.97 | | PBIDT | 518.40 | 500.50 | 3.58 | 2,126.30 | 1,964.20 | 8.25 | | Interest | 13.10 | 12.00 | 9.17 | 50.90 | 44.40 | 14.64 | | PBDT | 505.30 | 488.50 | 3.44 | 2,075.40 | 1,919.80 | 8.11 | | Depreciation | 72.6 | 57.4 | 26.48 | 271.6 | 233.8 | 16.17 | | PBT | 432.70 | 431.10 | 0.37 | 1803.8 | 1686 | 6.99 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 432.7 | 431.1 | 0.37 | 1803.8 | 1686 | 6.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 432.7 | 431.1 | 0.37 | 1803.8 | 1686 | 6.99 | | Taxation | 118.8 | 119 | -0.17 | 497.5 | 469.6 | 5.94 | | PAT | 313.9 | 312.1 | 0.58 | 1306.3 | 1216.4 | 7.39 | | Minority Interest (MI) | 0.3 | 1 | -70.00 | 2.6 | 4.3 | -39.53 | | Net profit | 313.6 | 311.1 | 0.80 | 1303.7 | 1212.1 | 7.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 313.6 | 311.1 | 0.80 | 1303.7 | 1212.1 | 7.56 | | EPS (Rs)* | 29.63 | 29.40 | 0.80 | 123.19 | 114.53 | 7.56 | | | * EPS is on current equity of Rs 21.17 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 | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202406 | 202306 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Transportation | 0.00 | 0.00 | 0.00 | - | | Process Engineering | 0.00 | 0.00 | 0.00 | - | | Industrial Products | 0.00 | 0.00 | 0.00 | - | | Medical Devices | 0.00 | 0.00 | 0.00 | - | | Telecom | 0.00 | 0.00 | 0.00 | - | | Mobility | 35.18 | 866.00 | 752.70 | 15.05 | | Sustainability | 30.06 | 740.10 | 725.70 | 1.98 | | Hi-Tech | 34.76 | 855.80 | 823.00 | 3.99 | | Total Reported Sales | 100.00 | 2,461.90 | 2,301.40 | 6.97 | 100.00 | 9,647.30 | 8,815.50 | 9.44 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,461.90 | 2,301.40 | 6.97 | 100.00 | 9,647.30 | 8,815.50 | 9.44 | | PBIT | | Transportation | 0.00 | 0.00 | 0.00 | - | | Process Engineering | 0.00 | 0.00 | 0.00 | - | | Industrial Products | 0.00 | 0.00 | 0.00 | - | | Medical Devices | 0.00 | 0.00 | 0.00 | - | | Telecom | 0.00 | 0.00 | 0.00 | - | | Mobility | 34.54 | 163.00 | 138.70 | 17.52 | | Sustainability | 42.55 | 200.80 | 201.40 | -0.30 | | Hi-Tech | 22.91 | 108.10 | 129.80 | -16.72 | | Total PBIT | 100.00 | 471.90 | 469.90 | 0.43 | 100.00 | 2,005.20 | 1,865.90 | 7.47 | | Less : Interest | | 13.10 | 12.00 | 9.17 | | 50.90 | 44.40 | 14.64 | | Add: Other un-allcoable | | -26.10 | -26.80 | 2.61 | | -150.50 | -135.50 | -11.07 | | PBIT Margin(%) | | Transportation | | 0.00 | 0.00 | 0.00 | | 0.00 | 19.35 | -1,935.39 | | Process Engineering | | 0.00 | 0.00 | 0.00 | | 0.00 | 26.96 | -2,695.58 | | Industrial Products | | 0.00 | 0.00 | 0.00 | | 0.00 | 29.78 | -2,978.31 | | Medical Devices | | 0.00 | 0.00 | 0.00 | | 0.00 | 32.51 | -3,250.57 | | Telecom | | 0.00 | 0.00 | 0.00 | | 0.00 | 10.34 | -1,033.59 | | Mobility | | 18.82 | 18.43 | 39.52 | | 19.62 | 0.00 | 1,961.85 | | Sustainability | | 27.13 | 27.75 | -62.10 | | 28.23 | 0.00 | 2,822.55 | | Hi-Tech | | 12.63 | 15.77 | -314.01 | | 15.48 | 0.00 | 1,547.83 | | PBT | 100.00 | 432.70 | 431.10 | 0.37 | 100.00 | 1,803.80 | 1,686.00 | 6.99 |
|
|