L&T Technology Services Q4 Results: Revenue Up 5% QoQ: Net Profit at ₹1,300+ Cr

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Synopsis:

L&T Technology Services Q4 results were released on 25 April 2024 exhibiting an uptick in all the metrics that count in the Company’s financial performance and business operations. The Company witnessed a Revenue Growth of 5% QoQ and 7% YoY for Q4. The Company’s Revenue Run Rate has surpassed the $1.2 Billion  Read more... Run Rate, marking a milestone in the Company’s financial performance. With a domino effect of growth in all metrics, the Net Income witnessed a Growth of 14% QoQ while the Net Margin was at 13.4% for Q4. Adding to the growth spurt, in terms of Capital Returns, the Company recorded an ROE of 27% for FY2023-24 and has declared a final dividend of ₹33 per equity share, equal to a dividend payout ratio of 41% for the fiscal year. Read less

Introduction

Indian pure play engineering services leader, L&T Technology Service Q4 results have shown nothing but great performance in the Company’s metrics and businesses. Kicking off a fruitful Q4, the Company managed to sign off on a $100 million deal, in addition to other deals in USD in double-digit figures. As if this wasn’t enough to hold the Company in a place of pride, it also signed a significant empanelment agreement. On the financial front, L&T Technology Services (LTTS) reported a Revenue of ₹2,537 Crore, a growth of 5% QoQ and 7% YoY. Net Profit for Q4 was at ₹341 Crore. The quarter’s robust sequential growth was driven by the segments of Telecom & Hitech and Plant Engineering. The EBITDA Margin for Q4 was at 19.8%. To top off the result, Q4 Free Cash Flow stood at ₹1,251 Crore. 

Explore: Larsen & Toubro Share Price

5 Key Financial Highlights

LTTS Q4 FY2023-24 results are worth a second look simply because this Indian engineering company has done itself proud on the domestic and global stage. Check out the main 5 financial highlights of L&T Technology Services’ Q4 FY2023-24 result: 

  • The Company’s Revenue stood at ₹2,537 Crore, an increase of 5% QoQ, and a rise of 7% YoY
  • EBITDA was at ₹503 Crore, a rise of 3.1% QoQ, and an increase of 4.7% YoY
  • Gross Profit was at ₹732 Crore for Q4
  • The EPS (Earnings per Share) was at ₹32.25 (Basic) and ₹32.16 (Diluted)
  • Net Income (Net Profit) was pegged at ₹341 Crore, a rise of 1.4% QoQ, and 0.2% YoY.  

Additional Read:  129 Indian Companies to Release Q4 Results

L&T Technology Services Q4 Results - Strength in Business Performance

As FY2023-24 comes to a close for LTTS, it has only delivered on its promises with a 17.9% Revenue Growth in FY24 and flawlessly striding over the $1.2 billion run rate only a year after the Company crossed the $1 billion mark. Q4 witnessed robust sequential Growth, and with the signing of strategic deals, like the landmark $100 million (USD) deal in the Cybersecurity space, the Company is set to build its Cyber Intelligence Centre. 

With its best foot forward, LTTS has filed 54 patents in AI by the end of Q4, and to date, has 1,296 patents under its belt. Furthermore, the Company’s operational success comes as it propels itself forward into developing a pipeline of prospects in the segment of Software Defined Vehicles. With the maintenance of a robust 17% EBIT Margin for FY2023-24, and a boost in Free Cash Flow at ₹1,251 crore, the Company has been evolving its business segments consistently.

Additional Read: Quarterly Results

Major Financial Metrics - Consolidated Q4 (FY2023-24) Financial Results of L&T Tecnology Services (in ₹ Crore)

Metrics

Q4 FY24

Q3 FY24

Q4 FY23

QoQ%

YoY%

Revenue

2,537

2,422

2,370

4.8%

7.0%

Gross Profit

732

708

715

3.5%

2.5%

EBITDA

503

488

480

3.1%

4.7%

Depreciation and Amortisation

75

71

57

  

EBIT

428

416

423

2.9%

1.1%

Net Income

341

336

340

1.4%

0.2%

EBITDA Margin

19.8%

20.1%

20.3%

  

EBIT Margin

16.9%

17.2%

17.9%

  

EPS - Basic

32.25

31.80

32.21

  

EPS - Diluted

32.16

31.72

32.10

  

(While converting from ₹ Mn to ₹ Cr, some figures have been rounded off)

L&T Technology Services - Racing into FY2024-25

After L&T Technology Services’ results, the Company will continue, as it has over the last decade, to refresh its technology to redefine the future of its business. The implementation of its strategy of ‘Go Deeper to Scale’ is the goal of future months of the Company’s operations as it streamlines its business into 3 distinct segments - Hi-Tech, Mobility, and Sustainability. With clear guidance for the months ahead, that being 8%-10% Revenue Growth in Constant Currency (based on USD Q4 FY24 rates), the Company is reinventing its talent pool and has profit on the mind for all its stakeholders. 

Additional Read: Annual Results

Conclusion

L&T Technology Services has declared its highest payout of a dividend in 8 years of its operations, marking a fair degree of optimism in its Q4 and FY2023-24 results. Despite a slower growth in Revenue, and somewhat narrowing margins, the engineering services company saw Growth in its Net Profit. Additionally, it plans to invest in its workforce from the first quarter of FY25, meaning that it has enough cash to make sound investments toward its future operations. Positive Revenues of the corresponding period of the last fiscal year may be explained by the gains that were generated by the newly acquired Smart World. Nevertheless, with its sights set on ramping up future investments, the Company is bright about its upcoming fiscal year.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Source: L&T Technology Services Results (Combined Press Release and Investor Presentation) on BSE

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Frequently Asked Questions

What was the L&T Technology Services Gross Profit for Q4?

Answer Field

The Gross Profit of L&T Technology Services for Q4 was ₹732 Crore.

Has LTTS filed any patents recently and were these mentioned in the Q4 result report?

Answer Field

L&T Technology Services' Q4 result revealed that it has filed 54 patents in the AI area of operations.

Has LTTS declared any dividend in Q4 FY2023-24?

Answer Field

Yes, the Company has declared a final dividend of ₹33 per equity share for the fiscal year 2023-24, its highest in a span of 8 years.

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