L&T Tech Q4 results: Net profit rises 35% to Rs 262 cr, final dividend declared

Engineering services company L&T Technology Services on Thursday reported of 34.7 per cent year-on-year (YoY) rise of its consolidated net profit at Rs 262 crore for the quarter ending 31 March, 2022. The wholly-owned subsidiary of conglomerate Larsen & Toubro had reported a net profit of Rs 194.5 crore in the year-ago period.

Revenue from operations rose 22 per cent to Rs 1756 crore in the quarter under review from Rs 1,440.50 crore in the same quarter last fiscal.

The company board has recommended a final dividend of Rs 15 per equity share of face value of Rs 2 each, subject to approval of the shareholders of the company, which if approved, shall be paid or dispatched within thirty days from the conclusion of the Annual General Meeting of the company. The date of book closure for the purpose of final dividend shall be intimated later, L&T tech added in the regulatory filing.

During the quarter, LTTS said that it won a $100 million plus deal, a $25 million plus deal and 4 other deals with Total Contract Value (TCV) of $10 million plus. Revenues from digital and leading-edge technologies stood at 57 per cent during the quarter.

The company also added that at the end of Q4FY22, its employee strength stood at 20,861.

Moreover, LTTS closed several multi-million dollar projects from global customers across segments, including bagging a a multi-year $100 million+ electric air mobility contract from Jaunt Air Mobility (Jaunt). As part of the contract, LTTS will open an Engineering and R&D Centre in Québec Province for the next-gen electric aircraft manufacturer to provide new product development engineering and design services for the Jaunt Journey eVTOL (electric Vertical Takeoff and Landing) air taxi, it added. 

Commenting on the quarterly results, Amit Chadha, CEO & Managing Director, said, “We achieved several milestones in FY22 – a dollar revenue growth of 20 per cent in constant currency, record high operating margins, and more than three-fold increase in patents filed by our engineers. Our growth was broad based with all five segments growing in double digits and showing an improvement in operating margins."

"We are making very good progress across our six bets; in Q4, we won a $100 million plus deal in the EACV space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program. With this deal, we have been able to extend our EACV success at Auto and Trucks & Off Highway segments, to Aerospace, reflecting our multi-domain engineering expertise," he added.

Shares of L&T Tech on Thursday closed 1.56 per cent higher at Rs 4,249.90 apiece on BSE.