L&T Technology Services Q1FY20 revenue rises on large deal wins

Mumbai (Maharashtra) [India] July 19 (ANI/BusinessWire India): L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2019.
Highlights for Q1FY20 include:
* USD Revenue at $194 million; growth of 15 per cent YoY
* Revenue at Rs 13,475 million; growth of 17 per cent YoY
* EBIT margin at 17.1 per cent; up 230bps YoY
* Net profit at Rs 2,039 million; growth of 3 per cent YoY
During the quarter, LTTS won 7 multi-million dollar deals across all major industry segments. On a YoY basis, LTTS has increased its USD20mn+ clients by 2 and its USD10mn+ clients by 5.
"We had a strong quarter in most of our segments - industrial products, transportation, medical and process industry, with sequential growth accelerating in Q1 as compared to Q4 on the back of multiple deal wins and good deal conversions. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 37 per cent of Q1 revenues and grew by 44 per cent YoY. On the operational front we executed well with the margin trajectory continuing to inch upwards on YoY basis", said Dr Keshab Panda, CEO and Managing Director, L&T Technology Services Limited.
"Innovation and speed-to-market are key priorities for our customers, and our end-end capabilities spanning product and process engineering are enabling us to engage with them at a more strategic level. Further, we are seeing good opportunities to leverage our platforms and solutions that have inbuilt AI and Machine Learning capabilities in the areas of predictive maintenance and energy management. We are excited about the opportunities in our pipeline and see a clear trend of increasing deal sizes and outcomes", he added.
Industry Recognitions:
* A global automotive major conferred LTTS with the 'Performance Excellence Award' for exceeding performance standards including quality, cost and service.
* Zinnov rated LTTS in the leadership zone for its deep expertise in the Broadcasting domain and recognized the practice as mature and established in the OTT and Content Security ratings in its Zinnov Zones for Media & Technology Report 2019.
* LTTS was appraised with Maturity Level 5 in the CMMI V2.0 Development view, the highest capability maturity level in the new CMMI framework. LTTS' CMMI Maturity Level 5 certification is an indication of the company's continually improving processes and business performance.
* At the 17th Annual American Business Awards, LTTS was recognized as the Best Human Resource Team of the Year and conferred with the Stevie® Award
Patents
* At the end of Q1FY20, the patents portfolio of L&T Technology Services stood at 399, out of which 288 are co-authored with its customers and 111 are filed by LTTS.
Human Resources
At the end of Q1FY20, LTTS' employee strength stood at 15,913 a net addition of 773 during the quarter.
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