L&T Technology Services gains more than 18% in a day on strong financials
- Shares of L&T Technology Services touched its record high mark of ₹3,447 on July 15.
- The engineering services company delivered 84% year on year growth in net profit to ₹216 crore.
- The company filed 23 patents in the June quarter.
AdvertisementShares of L&T Technology Services, the engineering services arm of India’s largest construction company, surged 18% in a single day as investors celebrated the exemplary performance by the company in June quarter.
The company reported 85% year on year growth in its net profit to ₹216 crore and 17% on year growth in revenue to ₹1,518 crore.
|Apr-Jun 2021 (in rupee crores)
|Jan-Mar 2021(in rupee crores)
The strong quarter performance was supported by a huge deal win and good growth in digital engineering revenues.
The company won 11 large deals across 5 segments -- transportation, industrial products, telecom and hi-tech, plant engineering and medical devices.
“Digital transformation deals now account for 54% of our revenue. Our strong growth foundation in the digital transformation domain enables newer opportunities for us. FY22 will be about relooking at our offerings and portfolios to resonate with the needs of the modern world,” the company said on Twitter.
Moreover, the company has filed 23 patents in the June quarter. At the end of the first quarter, the patents portfolio of L&T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company.
The engineering services company relies on a combination of patent, copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions to protect its intellectual property.
“We started the new fiscal with a strong performance, despite the pandemic related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement. The deal pipeline is healthy across segments, and we expect broad based growth to continue. Our innovation engine is matching the pace of our growth as we filed a record 23 patents in Q1,” said Amit Chadha, chief executive officer and managing director of L&T Technology Services in June quarter release.
Further, the company looks to scale its operations in 6 areas -- automated electric vehicles, medical technologies, digital manufacturing, artificial intelligence and machine learning, and sustainability.
AdvertisementAt the end of June quarter, the company had an employee strength of 16,972.
At 2:11 p.m., on July 15, shares of the company were trading 18% higher at ₹3,440.
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