Larsen & Tourbo Technology Services, the engineering and R&D arm of infrastructure giant L&T reported phenomenal growth in its Q4 results.
Its revenues grew 22% to Rs 1,756.1 crores as it won one $100 million, one $25 million and other deals reaching a Total Contract Value of $10 million.
Profits of the company grew by 34.7% to reach Rs 262 crores. The company’s parents portfolio was at 868 patents out of which 605 we’re co-authored with clients.
“We achieved several milestones in FY22 – a dollar revenue growth of 20% 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,” said Amit Chadha, CEO and MD of LTTS. The company’s stock has fallen for the past 2 or so weeks consistently. It has seen a 17.5% decline in price since 5th April. However, 21st April saw signs of reversal. The stock opened low today but grew 2.8% in early trading hours.
Highlight by Aman Agarwal.