Bengaluru, January 18  

eering services company, L&T Technology Services Ltd has reported a net profit of ₹249 crore, up 34 per cent year-on-year (YoY) and revenue of ₹1,688 crore, up 20 per cent YoY, in the third quarter ended December 31, 2021.

Further, the company’s Earnings Before Interest and Taxes (EBIT) margin was at 18.6 per cent, up 340 basis points (bps) YoY. During the quarter, LTTS won a $45 million deal and a total of three deals with TCV of $10 million plus. Revenues from digital and edge technologies stood at 56 per cent during the quarter.

“We sustained our performance trajectory with sequential growth of 4.2 per cent in constant currency led by strong demand across segments. The deal conversations and pipeline in our six big bets - Electric Autonomous & Connected Vehicle (EACV), 5G, Med-tech, AI & Digital Products, Digital Manufacturing and Sustainability – continues to see healthy improvement as our customers make steady progress on their long-term transformative journeys,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

The company is expanding its Electric Autonomous Connect Vehicles (EACV) global presence with the addition of an engineering R&D center in Krakow, Poland that will strengthen strategic partnerships with European and Global clients. “In line with our long-term growth prospects and strategy, we invested in hiring and onboarding a record 1,900 plus trainees leveraging our Global Engineering Academy that is focused on continuous training and upskilling. Despite the robust employee addition, we further improved our operating margin to 18.6 per cent, reflecting gains from investments in talent and innovation,” Chadha added.

At the end of Q3FY22, the patents portfolio of L&T Technology Services stood at 816, out of which 578 are co-authored with its customers and the rest are filed by LTTS, and employee strength stood at 20,118.

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. The company offers consultancy, design, development and testing services across the product and process development life cycle. Headquartered in India, the company has 17 global design centers, 28 global sales offices and 79 innovation labs as of December 31, 2021.