Chadha reports $55m deals and sets up R&D Centre in Poland
L&T Technology Services Limited (BSE: 540115, NSE: LTTS) is expanding global presence of its Electric Autonomous & Connected Vehicle (EACV) with the addition of an engineering R&D center in Krakow, Poland. It is part of strengthening 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,” LTTS CEO & Managing Director Amit Chadha said on 19 Jan 2022, announcing the Krakow centre.
India’s leading pure-play engineering services company reported a US$45 million deal and a total of 3 deals with Total Contract Value (TCV) of US$10 million plus during the third quarter of is financial year.
Under the US$45 million deal from a US-based automotive Tier 1 company, LTTS is to be its strategic engineering partner and provide engineering services for its Electric Vehicle (EV) product portfolio.
LTTS will work with the customer to deliver solutions leveraging its e-mobility technology competence for five years.
Notably, this will be delivered from LTTS’ ER&D center in Krakow. LTTS plans to have over 300 engineers working from its Krakow center in the next 3 years, marking its expansion into Eastern Europe.
“Despite the robust employee addition, we further improved our Operating margin to 18.6%, reflecting gains from investments in talent and innovation,” said Chadha.
“We sustained our performance trajectory with sequential growth of 4.2% 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,” he said.
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.
At the end of Q3FY22, LTTS’ employee strength stood at 20,118.
LTTS Q3FY22 results include:
• Revenue at Rs.16,875 million; growth of 20% YoY
• USD Revenue at US$225.1 million; growth of 18% YoY
• EBIT margin at 18.6%; up 340 bps YoY
• Net profit at Rs.2,488 million; growth of 34% YoY
• Interim Dividend of Rs.10 per share; Record date January 27, 2022
LTTS is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. fiinews.com