LTTS Q4 results: Consolidated PAT rises 35% YoY; gives 13.5-15.5% sales guidance for FY23
On a sequential basis, net profit rose 5% while revenue grew 4%.
The company guided dollar revenue growth of 13.5-15.5% for the ongoing fiscal year. It also met the dollar revenue growth guidance of 19-20% for FY22.
The street estimated revenue growth in the range of 21.5-22.5% on year while profit growth was expected in the range of 35-41% year-on-year.
“The market is buoyant and strong demand is there. However, there are clouds around inflation impact and supply-side challenges due to attrition which we are working on. The attrition for March quarter on a standalone basis remained stable,” said Amit Chadha,managing director and CEO of the company to ET.
The Mumbai-based company won a deal worth over $100 million, a $25 million plus deal and four other deals with a total contract value of $10 million. Revenue from digital and leading-edge technologies stood at 57% during the quarter.
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The company bagged a $100 million dollar plus deal from electric air mobility Jaunt Air Mobility during the quarter.
“We will be the engineering partner of choice for research and development, flight control systems, cockpit display management and we will set up a centre in Canada for this deal,” said Chadha.
Operating margin for the quarter stood at 18.6%, remaining flat sequentially but jumping 200 basis points on year due to “better quality of growth” and improvement in operation metrics. The board also recommended a dividend of 15 rupees per share.
For the financial year ended March, the company’s consolidated revenue rose 21% to Rs. 6,570 crore and net profit clocked Rs 957 crore, up 44%.
All verticals grew in double digits on year basis led by, transportation vertical growing 25.5% due to demand surge in electric, autonomous and connected vehicles segment. Plant engineering vertical clocked 16.5%.
In terms of geography, India business grew 30.7% on year followed by North America growing 19.7%.
The company added 743 employees sequentially. Its headcount stood at 20,861 at the end of March. The company’s attrition also jumped to 20.4% in the March-ended quarter from 17.5% in the December quarter.
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