L&T Technology Services revenue rises 15% to Rs 37.4 billion in FY18

A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai
Mumbai: L&T Technology Services posted an annual revenue growth of 15.4 per cent to Rs 37.47 billion and profit rose 19 per cent to Rs 5.060 billion for the year ended March 31.

For the March quarter, the company posted year-on-year (y-o-y) revenue growth of 30 per cent to Rs 10.54 billion. It reported a 65.6 per cent growth in quarterly profit to Rs 1.58 billion compared to the year-ago period. 

Dollar revenue was at $580 million for the year, growing 20 per cent (y-o-y). The company’s board has recommended a final dividend of Rs 12 per share on Tuesday, including the interim dividend of Rs 4 per share so the total dividend for FY18 will amount to Rs 16 per share.

“Our engineering DNA combined with strong demand for digital and new-age technologies has helped us grow ahead of the industry in FY18. The focus on top 30 customers, large-deal wins and technology innovation has enabled us to become India’s fastest growing and leading pure-play engineering services company,” said Keshab Panda, chief executive officer and managing director.

During the fourth quarter, growth was broad-based with traction across all segments on sequential basis. The firm won five multi-million dollar deals across process industry, telecom & hi-tech and transportation. It has increased its $40mn-plus annual billing clients by two, and $10mn-plus clients by three on y-o-y basis. 

Revenues from digital & leading-edge technologies increased to 26 per cent of the overall business in FY18, driven by investment into newer areas, said the company.

At the end of the fourth quarter, the firm’s patents portfolio stood at 328, of which 245 are co-authored with its customers and 83 were filed by the firm. Digital revenues were up 26 per cent from 20 per cent in Q3.

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