L&T Technology Services Limited (LTTS) Posts FY17 Results
Business Wire India
LTTS announces agreement to acquire US-based Esencia Technologies.
- Net Income at INR 4,250 million for the year, margins steady at 13.1%
- EBITDA at INR 5,847 million, up 12.6% YoY
- Board has recommended a final dividend of INR 4 per share
- Acquisition enhances offerings in Embedded domain and Perceptual Computing
L&T Technology Services Limited (LTTS) (BSE: 540115) (NSE: LTTS), announced its results for the fiscal year ended March 31, 2017. Its annual revenue rose almost 6 percent to INR 32,483 million with a net profit of Rs 4,250 million. Operating margin (EBITDA) was at INR 5,847 million for the year at 18% of the revenue, which represents a 12.6% growth Year-on-Year. The Board of Directors have recommended a final dividend of INR 4 per share subject to the approval of shareholders.
The business momentum was driven by several multi-million dollar deals inked during the year from its global customers across Transportation, Industrial Products and Telecom & Hi-Tech. The company entered into an exclusive agreement with a US-based technology leader to maintain the Vantage middleware stack for Cable Multi-System Operators (MSO) customers. LTTS will be the sole authorized partner for future sales, upgrade, maintenance and support of this leading middleware software.
LTTS won a notable deal from a European OEM for design, development, implementation and standardization of digital engineering framework across all its major business units.
The company has also been awarded a significant deal which is in the final stages of closure and is expected to take the company into the next level of growth.
The Board of Directors of L&T Technology Services announced the
appointment of Mr. S. N.
Subrahmanyan as Vice
Chairman of L&T Technology Services Limited
with immediate effect.
The Board of Directors of L&T Technology Services have approved the acquisition of US
Based Esencia Technologies Inc, a
provider of design services from specification to final
product in
Digital Signal Processing
for Communications, Video, Security and
Networking. The
proposed acquisition will deepen
LTTS offerings to
global customers,
particularly in
the realm of Perceptual Computing, Internet of Things,
Advanced Silicon Products and Wireless Networking Technologies with fast,
powerful &
smart design tools and signal processing libraries. Esencia has a
team of over 100
Embedded, ASIC design and semiconductor experts in
Silicon Valley.
For the
quarter ended March 31,
revenues grew 1.4 %
YoY to
INR 8,123 million while net
profit was INR 965
million. In terms of geographic share, North
America contributed the topmost at
62.9 %
followed by Europe at
19.1% and Rest
of the World
contributing 10.1% for
FY17. Contribution from the domestic market stood
at 7.9%.
In terms
of industries, Transportation and
Industrial Products accounted for
over 60%
of revenues during the
quarter.
Digital Engineering revenue for
FY17 stood at 12.5%
of overall revenue, which is a
growth of 25 %
YoY. The
growth in
digital business
was on
account of maturing
of the
company’s Intellectual Properties &
platforms such as
UBIQWeise, i-BEMS, UBIQData for
business analytics and its
next generation wireless protocol
solutions.
For the financial
year the total number of patents filed
and added tallies to
254 out
of which 197
have been co-authored with customers and 57 are
owned by LTTS.
“We are
pleased to
start the
current fiscal year on a
positive note with robust growth prospects
and a
good visibility of our pipeline in
Transportation, Telecom and Hi-
Tech and Industrial Products segments. The
proposed acquisition of Esencia will enhance our
global offerings in the area
of perceptual computing, advanced silicon and
wireless networking technologies,”
said Dr Keshab Panda, CEO & Managing
Director, L&T Technology Services
Limited.
About L&T Technology Services Limited
L&T Technology Services Limited
is a subsidiary of Larsen & Toubro Limited focused on Engineering
and R&D Services (ER&D) addressing global customers
including Fortune
500 companies.
The company offers
consultancy, design, development
and testing services across the product and process development life
cycle for
various industrial products, medical devices,
transportation, telecom & hi-tech, and the process
industries. Digital Engineering
portfolio of offerings
from L&T Technology
Services help
build Smart Products & Services and offer Smart
Manufacturing services
and solutions to customers.
The company
also offers services
and solutions
in software engineering, embedded systems,
mechanical & manufacturing engineering,
value engineering
and plant & process engineering.
Headquartered
in India, L&T Technology
Services Limited
has more than 10,000 employees, 12
global delivery centers
in India
and overseas, 27 sales offices
in India, North America
Europe, the
Middle East and
Asia and 34 labs
in India as of March
31, 2017. For additional information about
L&T Technology Services log on
to www.LntTechservices.com.
L&T Technology Services Limited
Aniruddha Basu
Aniruddha.Basu@LntTechservices.com
