On consolidated basis
Quarter ended September 2024
compared with Quarter ended June 2024.
Net sales (including other operating income) of L&T Technology Services has
increased 4.51% to Rs 2572.9 crore.
Operating profit margin has declined
from 18.53% to 18.11%, leading to 2.15% rise in operating profit to Rs 466.00
crore. Employee cost decreased from 54.09% to 53.84%.
Other expenses rose from 27.38% to 28.05%.
Other income rose 4.50% to Rs 65
crore. PBIDT rose 2.43% to Rs 531 crore. Provision for
interest fell 9.16% to Rs 11.9 crore. Loan funds remained
nil.
PBDT rose 2.73% to Rs 519.1
crore. Provision for depreciation rose 7.85% to Rs 78.3
crore.
Profit before tax grew 1.87% to Rs
440.80 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 120.8 crore, compared
to Rs 118.8 crore. Effective tax rate was 27.40% compared to 27.46%.
Minority interest increased 33.33%
to Rs 0.40 crore. Net profit attributable to owners of the company
increased 1.91% to Rs 319.60 crore.
Promoters’ stake was 73.69% as of 30
September 2024 ,compared to 73.69% as of 30 June 2024 .
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of L&T Technology Services has
increased 7.81% to Rs 2572.9 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 3.31% to Rs 479.10
crore.
Overall PBIT margin fell from 20.76%
to 18.62%.
Operating profit margin has declined
from 19.93% to 18.11%, leading to 2.02% decline in operating profit to Rs
466.00 crore. Employee cost increased from 52.03% to 53.84%.
Other expenses rose from 28.04% to 28.05%.
Other income rose 57.77% to Rs 65
crore. PBIDT rose 2.75% to Rs 531 crore. Provision for
interest fell 5.56% to Rs 11.9 crore. Loan funds rose to Rs 644.20
crore as of 30 September 2024 from Rs 550.60 crore as of 30 September
2023. Inventories rose to Rs 6.50 crore as of 30 September 2024 from
Rs 2.40 crore as of 30 September 2023. Sundry debtors were lower at
Rs 2,308.90 crore as of 30 September 2024 compared to Rs 2,728.50 crore as of
30 September 2023. Cash and bank balance rose to Rs 1,119.30 crore
as of 30 September 2024 from Rs 948.80 crore as of 30 September
2023. Investments rose to Rs 1,729.30 crore as of 30 September 2024
from Rs 1,320.40 crore as of 30 September 2023 .
PBDT rose 2.96% to Rs 519.1
crore. Provision for depreciation rose 14.98% to Rs 78.3
crore. Fixed assets increased to Rs 993.50 crore as of 30 September
2024 from Rs 873.10 crore as of 30 September 2023. Intangible assets
declined from Rs 633.00 crore to Rs 604.30 crore.
Profit before tax grew 1.08% to Rs
440.80 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 120.8 crore, compared to Rs 120.2
crore. Effective tax rate was 27.40% compared to 27.56%.
Minority interest decreased 20% to
Rs 0.40 crore. Net profit attributable to owners of the company
increased 1.33% to Rs 319.60 crore.
Equity capital increased from Rs
21.10 crore as of 30 September 2023 to Rs 21.20 crore as of 30 September
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.69% as of 30
September 2024 ,compared to 73.77% as of 30 September 2023 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of L&T Technology Services has
increased 7.40% to Rs 5034.8 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 1.49% to Rs 951.00
crore.
Overall PBIT margin fell from 20.59%
to 18.89%.
Operating profit margin has declined
from 19.80% to 18.32%, leading to 0.67% decline in operating profit to Rs
922.20 crore. Employee cost increased from 52.41% to 53.96%.
Other expenses fell from 27.79% to 27.72%.
Other income rose 43.08% to Rs 127.2
crore. PBIDT rose 3.16% to Rs 1049.4 crore. Provision for
interest rose 1.63% to Rs 25 crore. Loan funds rose to Rs 644.20
crore as of 30 September 2024 from Rs 550.60 crore as of 30 September
2023. Inventories rose to Rs 6.50 crore as of 30 September 2024 from
Rs 2.40 crore as of 30 September 2023. Sundry debtors were lower at
Rs 2,308.90 crore as of 30 September 2024 compared to Rs 2,728.50 crore as of
30 September 2023. Cash and bank balance rose to Rs 1,119.30 crore
as of 30 September 2024 from Rs 948.80 crore as of 30 September
2023. Investments rose to Rs 1,729.30 crore as of 30 September 2024
from Rs 1,320.40 crore as of 30 September 2023 .
PBDT rose 3.19% to Rs 1024.4 crore. Provision
for depreciation rose 20.24% to Rs 150.9 crore. Fixed assets
increased to Rs 993.50 crore as of 30 September 2024 from Rs 873.10 crore as of
30 September 2023. Intangible assets declined from Rs 633.00 crore
to Rs 604.30 crore.
Profit before tax grew 0.73% to Rs
873.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 239.6 crore, compared
to Rs 239.2 crore. Effective tax rate was 27.43% compared to 27.58%.
Minority interest decreased 53.33%
to Rs 0.70 crore. Net profit attributable to owners of the company
increased 1.07% to Rs 633.20 crore.
Equity capital increased from Rs
21.10 crore as of 30 September 2023 to Rs 21.20 crore as of 30 September
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 73.69% as of 30
September 2024 ,compared to 73.77% as of 30 September 2023 .
Cash flow from operating activities
decreased to Rs 374.10 crore for YTD ended September 2024 from Rs 570.30 crore
for YTD ended September 2023. Cash flow used in acquiring fixed
assets during the YTD ended September 2024 stood at Rs 64.70 crore, compared to
Rs 143.00 crore during the YTD ended September 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 1,022.20 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 603.50 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.
Dividend: The board has recommended interim
dividend of Rs 17 per equity share.
Management
Comment:
Commenting on the performance of the
company Mr. Amit Chadha, CEO & Managing Director, L&T Technology
Services, said: “I
am happy to launch a new brand positioning Purposeful. Agile. Innovation. The
brand
refresh
will create a platform for the future, helping us to scale in 3 strategic
segments – Mobility, Sustainability and Tech, and build each of them into
standalone billion-dollar units.
These
segments have already started to show results aided by our ‘Go Deeper to Scale’
strategy which we embarked on at the start of the year. We had strong
sequential growth of 4% in Q2 led by Sustainability at 6.5% on the back of
earlier large deals and empanelment agreements. Mobility also had a strong
showing with 5% growth driven by our differentiated story on SDV and
hybridization.
We
are seeing an uptick in AI-led deal conversations, and our portfolio of AI
solutions & accelerators is helping win deals in our focus areas across
segments. We have filed a total of 165 patents in AI in till date.
With
our pipeline comprising larger sized deals involving consolidation as well as
advanced technology led transformation, we are confident about the vision we
set for ourselves and our medium-term outlook of $2 billion revenue with EBIT
margin of 17-18%,”
| L&T Technology Services : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,572.90 | 2,386.50 | 7.81 | 5,034.80 | 4,687.90 | 7.40 | 9,647.30 | 8,815.50 | 9.44 | | OPM (%) | 18.11 | 19.93 | -182 bps | 18.32 | 19.80 | -149 bps | 19.89 | 19.98 | -8 bps | | OP | 466.00 | 475.60 | -2.02 | 922.20 | 928.40 | -0.67 | 1,919.00 | 1,760.90 | 8.98 | | Other Inc. | 65.00 | 41.20 | 57.77 | 127.20 | 88.90 | 43.08 | 207.30 | 203.30 | 1.97 | | PBIDT | 531.00 | 516.80 | 2.75 | 1,049.40 | 1,017.30 | 3.16 | 2,126.30 | 1,964.20 | 8.25 | | Interest | 11.90 | 12.60 | -5.56 | 25.00 | 24.60 | 1.63 | 50.90 | 44.40 | 14.64 | | PBDT | 519.10 | 504.20 | 2.96 | 1,024.40 | 992.70 | 3.19 | 2,075.40 | 1,919.80 | 8.11 | | Depreciation | 78.3 | 68.1 | 14.98 | 150.9 | 125.5 | 20.24 | 271.6 | 233.8 | 16.17 | | PBT | 440.80 | 436.10 | 1.08 | 873.5 | 867.2 | 0.73 | 1803.8 | 1686 | 6.99 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 440.8 | 436.1 | 1.08 | 873.5 | 867.2 | 0.73 | 1803.8 | 1686 | 6.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 440.8 | 436.1 | 1.08 | 873.5 | 867.2 | 0.73 | 1803.8 | 1686 | 6.99 | | Taxation | 120.8 | 120.2 | 0.50 | 239.6 | 239.2 | 0.17 | 497.5 | 469.6 | 5.94 | | PAT | 320 | 315.9 | 1.30 | 633.9 | 628 | 0.94 | 1306.3 | 1216.4 | 7.39 | | Minority Interest (MI) | 0.4 | 0.5 | -20.00 | 0.7 | 1.5 | -53.33 | 2.6 | 4.3 | -39.53 | | Net profit | 319.6 | 315.4 | 1.33 | 633.2 | 626.5 | 1.07 | 1303.7 | 1212.1 | 7.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 319.6 | 315.4 | 1.33 | 633.2 | 626.5 | 1.07 | 1303.7 | 1212.1 | 7.56 | | EPS (Rs)* | 30.20 | 29.80 | 1.33 | 59.83 | 59.19 | 1.07 | 123.18 | 114.52 | 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 | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Transportation | 0.00 | 0.00 | 793.10 | - | | Process Engineering | 0.00 | 0.00 | 335.30 | - | | Industrial Products | 0.00 | 0.00 | 413.10 | - | | Medical Devices | 0.00 | 0.00 | 240.60 | - | | Telecom | 0.00 | 0.00 | 604.40 | - | | Mobility | 35.46 | 912.30 | 0.00 | - | | Sustainability | 30.79 | 792.30 | 0.00 | - | | Hi-Tech | 33.75 | 868.30 | 0.00 | - | | Total Reported Sales | 100.00 | 2,572.90 | 2,386.50 | 7.81 | 100.00 | 5,034.80 | 4,687.90 | 7.40 | 100.00 | 9,647.30 | 8,815.50 | 9.44 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,572.90 | 2,386.50 | 7.81 | 100.00 | 5,034.80 | 4,687.90 | 7.40 | 100.00 | 9,647.30 | 8,815.50 | 9.44 | | PBIT | | Transportation | 0.00 | 0.00 | 155.40 | - | | Process Engineering | 0.00 | 0.00 | 85.40 | - | | Industrial Products | 0.00 | 0.00 | 122.90 | - | | Medical Devices | 0.00 | 0.00 | 77.10 | - | | Telecom | 0.00 | 0.00 | 54.70 | - | | Mobility | 37.17 | 178.10 | 0.00 | - | | Sustainability | 42.00 | 201.20 | 0.00 | - | | Hi-Tech | 20.83 | 99.80 | 0.00 | - | | Total PBIT | 100.00 | 479.10 | 495.50 | -3.31 | 100.00 | 951.00 | 965.40 | -1.49 | 100.00 | 2,005.20 | 1,865.90 | 7.47 | | Less : Interest | | 11.90 | 12.60 | -5.56 | | 25.00 | 24.60 | 1.63 | | 50.90 | 44.40 | 14.64 | | Add: Other un-allcoable | | -26.40 | -46.80 | 43.59 | | -52.50 | -73.60 | 28.67 | | -150.50 | -135.50 | -11.07 | | PBIT Margin(%) | | Transportation | | 0.00 | 19.59 | -1,959.40 | | 0.00 | 19.03 | -1,902.57 | | 0.00 | 19.35 | -1,935.39 | | Process Engineering | | 0.00 | 25.47 | -2,546.97 | | 0.00 | 24.95 | -2,495.42 | | 0.00 | 26.96 | -2,695.58 | | Industrial Products | | 0.00 | 29.75 | -2,975.07 | | 0.00 | 30.06 | -3,006.47 | | 0.00 | 29.78 | -2,978.31 | | Medical Devices | | 0.00 | 32.04 | -3,204.49 | | 0.00 | 32.51 | -3,250.73 | | 0.00 | 32.51 | -3,250.57 | | Telecom | | 0.00 | 9.05 | -905.03 | | 0.00 | 8.96 | -896.12 | | 0.00 | 10.34 | -1,033.59 | | Mobility | | 19.52 | 0.00 | 1,952.21 | | 19.18 | 0.00 | 1,918.12 | | 19.62 | 0.00 | 1,961.85 | | Sustainability | | 25.39 | 0.00 | 2,539.44 | | 26.23 | 0.00 | 2,623.34 | | 28.23 | 0.00 | 2,822.55 | | Hi-Tech | | 11.49 | 0.00 | 1,149.37 | | 12.06 | 0.00 | 1,205.85 | | 15.48 | 0.00 | 1,547.83 | | PBT | 100.00 | 440.80 | 436.10 | 1.08 | 100.00 | 873.50 | 867.20 | 0.73 | 100.00 | 1,803.80 | 1,686.00 | 6.99 |
|
|