On consolidated basis
Quarter ended March 2024 compared
with Quarter ended December 2023.
Net sales (including other operating income) of L&T Technology Services has
increased 4.78% to Rs 2537.5 crore.
Operating profit margin has declined
from 20.14% to 19.81%, leading to 3.10% rise in operating profit to Rs 502.80
crore. Employee cost decreased from 51.78% to 48.04%.
Other expenses rose from 28.09% to 32.14%.
Other income fell 10.26% to Rs 56
crore. PBIDT rose 1.58% to Rs 558.8 crore. Provision for
interest rose 0.76% to Rs 13.2 crore. Loan funds remained
nil.
PBDT rose 1.60% to Rs 545.6
crore. Provision for depreciation rose 4.34% to Rs 74.6
crore.
Profit before tax grew 1.18% to Rs
471.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 129.6 crore, compared
to Rs 128.7 crore. Effective tax rate was 27.52% compared to 27.65%.
Minority interest decreased 16.67%
to Rs 0.50 crore. Net profit attributable to owners of the company
increased 1.40% to Rs 340.90 crore.
Promoters’ stake was 73.74% as of 31
March 2024 ,compared to 73.75% as of 31 December 2023 .
Quarter ended March 2024 compared with Quarter ended March 2023.
Net sales (including other operating income) of L&T Technology Services has
increased 7.04% to Rs 2537.5 crore. Sales of Transportation segment
has gone up 12.03% to Rs 811.30 crore (accounting for 31.97% of total
sales). Sales of Process Engineering segment has gone up 7.53% to Rs
359.90 crore (accounting for 14.18% of total sales). Sales of
Industrial Products segment fell 0.92% to Rs 400.60 crore (accounting for
15.79% of total sales). Sales of Medical Devices segment has gone
down 5.09% to Rs 222.00 crore (accounting for 8.75% of total
sales). Sales of Telecom segment has gone up 10.42% to Rs 743.70
crore (accounting for 29.31% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 6.62% to Rs 531.80
crore. PBIT of Transportation segment rose 30.07% to Rs 162.20 crore
(accounting for 30.50% of total PBIT). PBIT of Process Engineering
segment fell 3.92% to Rs 90.80 crore (accounting for 17.07% of total
PBIT). PBIT of Industrial Products segment rose 7.83% to Rs 128.00
crore (accounting for 24.07% of total PBIT). PBIT of Medical Devices
segment fell 13.46% to Rs 70.70 crore (accounting for 13.29% of total
PBIT). PBIT of Telecom segment rose 1.14% to Rs 80.10 crore
(accounting for 15.06% of total PBIT).
PBIT margin of Transportation
segment rose from 17.22% to 19.99%. PBIT margin of Process Engineering
segment fell from 28.23% to 25.23%. PBIT margin of Industrial
Products segment rose from 29.36% to 31.95%. PBIT margin of Medical
Devices segment fell from 34.93% to 31.85%. PBIT margin of Telecom
segment fell from 11.76% to 10.77%. Overall PBIT margin fell from
21.04% to 20.96%.
Operating profit margin has declined
from 20.26% to 19.81%, leading to 4.68% rise in operating profit to Rs 502.80
crore. Employee cost decreased from 49.98% to 48.04%.
Other expenses rose from 29.76% to 32.14%.
Other income rose 11.11% to Rs 56
crore. PBIDT rose 5.29% to Rs 558.8 crore. Provision for
interest rose 15.79% to Rs 13.2 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 5.06% to Rs 545.6
crore. Provision for depreciation rose 31.11% to Rs 74.6
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 1.86% to Rs
471.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 129.6 crore, compared
to Rs 121 crore. Effective tax rate was 27.52% compared to 26.17%.
Minority interest decreased 61.54%
to Rs 0.50 crore. Net profit attributable to owners of the company
increased 0.24% to Rs 340.90 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 .
Full year results analysis.
Net sales (including other operating income) of L&T Technology Services has
increased 9.44% to Rs 9647.3 crore. Sales of Transportation segment
has gone up 14.11% to Rs 3,161.30 crore (accounting for 32.77% of total
sales). Sales of Process Engineering segment has gone up 5.86% to Rs
1,354.50 crore (accounting for 14.04% of total sales). Sales of
Industrial Products segment rose 7.16% to Rs 1,635.00 crore (accounting for
16.95% of total sales). Sales of Medical Devices segment has gone up
7.28% to Rs 946.20 crore (accounting for 9.81% of total
sales). Sales of Telecom segment has gone up 8.16% to Rs 2,550.30
crore (accounting for 26.44% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 7.47% to Rs 2,005.20
crore. PBIT of Transportation segment rose 15.67% to Rs 620.20 crore
(accounting for 30.93% of total PBIT). PBIT of Process Engineering
segment rose 0.38% to Rs 346.20 crore (accounting for 17.27% of total
PBIT). PBIT of Industrial Products segment rose 9.51% to Rs 497.60
crore (accounting for 24.82% of total PBIT). PBIT of Medical Devices
segment rose 2.20% to Rs 293.00 crore (accounting for 14.61% of total
PBIT). PBIT of Telecom segment rose 1.85% to Rs 248.20 crore
(accounting for 12.38% of total PBIT).
PBIT margin of Transportation
segment rose from 19.35% to 19.62%. PBIT margin of Process
Engineering segment fell from 26.96% to 25.56%. PBIT margin of
Industrial Products segment rose from 29.78% to 30.43%. PBIT margin
of Medical Devices segment fell from 32.51% to 30.97%. PBIT margin
of Telecom segment fell from 10.34% to 9.73%. 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 of Directors have recommended a dividend of Rs 33
per equity share of Rs 2 each.
Management
Comment:
Commenting on the performance of the
company Mr. Amit Chadha, CEO & Managing Director, L&T Technology
Services, said: “Over
the past decade LTTS has established itself as the largest pure-play
engineering
services
provider based in India,”
He
further added “As technology cycles shorten, and clients continue to look for
specific solutions and domain expertise, we believe it is time to go deeper to
scale. By consolidating into 3 unifying segments and 3 horizontals, we will
enhance our ability to address the evolving needs of our customers across
diverse industries and geographies. It will also enable LTTS to become the
strategic partner across the Customer’s Life Cycle Journey, from the point of
inception to guiding them through every stage of transformation”
| L&T Technology Services : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,537.50 | 2,370.60 | 7.04 | 9,647.30 | 8,815.50 | 9.44 | | OPM (%) | 19.81 | 20.26 | -45 bps | 19.89 | 19.98 | -8 bps | | OP | 502.80 | 480.30 | 4.68 | 1,919.00 | 1,760.90 | 8.98 | | Other Inc. | 56.00 | 50.40 | 11.11 | 207.30 | 203.30 | 1.97 | | PBIDT | 558.80 | 530.70 | 5.29 | 2,126.30 | 1,964.20 | 8.25 | | Interest | 13.20 | 11.40 | 15.79 | 50.90 | 44.40 | 14.64 | | PBDT | 545.60 | 519.30 | 5.06 | 2,075.40 | 1,919.80 | 8.11 | | Depreciation | 74.6 | 56.9 | 31.11 | 271.6 | 233.8 | 16.17 | | PBT | 471.00 | 462.40 | 1.86 | 1803.8 | 1686 | 6.99 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 471 | 462.4 | 1.86 | 1803.8 | 1686 | 6.99 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 471 | 462.4 | 1.86 | 1803.8 | 1686 | 6.99 | | Taxation | 129.6 | 121 | 7.11 | 497.5 | 469.6 | 5.94 | | PAT | 341.4 | 341.4 | 0.00 | 1306.3 | 1216.4 | 7.39 | | Minority Interest (MI) | 0.5 | 1.3 | -61.54 | 2.6 | 4.3 | -39.53 | | Net profit | 340.9 | 340.1 | 0.24 | 1303.7 | 1212.1 | 7.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 340.9 | 340.1 | 0.24 | 1303.7 | 1212.1 | 7.56 | | EPS (Rs)* | 32.24 | 32.16 | 0.24 | 123.28 | 114.62 | 7.56 | | | * EPS is on current equity of Rs 21.15 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) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Transportation | 31.97 | 811.30 | 724.20 | 12.03 | 32.77 | 3,161.30 | 2,770.50 | 14.11 | | Process Engineering | 14.18 | 359.90 | 334.70 | 7.53 | 14.04 | 1,354.50 | 1,279.50 | 5.86 | | Industrial Products | 15.79 | 400.60 | 404.30 | -0.92 | 16.95 | 1,635.00 | 1,525.70 | 7.16 | | Medical Devices | 8.75 | 222.00 | 233.90 | -5.09 | 9.81 | 946.20 | 882.00 | 7.28 | | Telecom | 29.31 | 743.70 | 673.50 | 10.42 | 26.44 | 2,550.30 | 2,357.80 | 8.16 | | Total Reported Sales | 100.00 | 2,537.50 | 2,370.60 | 7.04 | 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 | 2,537.50 | 2,370.60 | 7.04 | 100.00 | 9,647.30 | 8,815.50 | 9.44 | | PBIT | | Transportation | 30.50 | 162.20 | 124.70 | 30.07 | 30.93 | 620.20 | 536.20 | 15.67 | | Process Engineering | 17.07 | 90.80 | 94.50 | -3.92 | 17.27 | 346.20 | 344.90 | 0.38 | | Industrial Products | 24.07 | 128.00 | 118.70 | 7.83 | 24.82 | 497.60 | 454.40 | 9.51 | | Medical Devices | 13.29 | 70.70 | 81.70 | -13.46 | 14.61 | 293.00 | 286.70 | 2.20 | | Telecom | 15.06 | 80.10 | 79.20 | 1.14 | 12.38 | 248.20 | 243.70 | 1.85 | | Total PBIT | 100.00 | 531.80 | 498.80 | 6.62 | 100.00 | 2,005.20 | 1,865.90 | 7.47 | | Less : Interest | | 13.20 | 11.40 | 15.79 | | 50.90 | 44.40 | 14.64 | | Add: Other un-allcoable | | -47.60 | -25.00 | -90.40 | | -150.50 | -135.50 | -11.07 | | PBIT Margin(%) | | Transportation | | 19.99 | 17.22 | 277.36 | | 19.62 | 19.35 | 26.46 | | Process Engineering | | 25.23 | 28.23 | -300.50 | | 25.56 | 26.96 | -139.66 | | Industrial Products | | 31.95 | 29.36 | 259.27 | | 30.43 | 29.78 | 65.12 | | Medical Devices | | 31.85 | 34.93 | -308.26 | | 30.97 | 32.51 | -153.97 | | Telecom | | 10.77 | 11.76 | -98.90 | | 9.73 | 10.34 | -60.37 | | PBT | 100.00 | 471.00 | 462.40 | 1.86 | 100.00 | 1,803.80 | 1,686.00 | 6.99 |
|
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