Company Overview

L&T Technology Services Limited (NSE:LTTS) is a global leader in Engineering and R&D (ER&D) services. With 525 patents filed for 53 of the Global Top 100 ER&D spenders, LTTS lives and breathes engineering. The company's innovations speak for themselves – World’s 1st Autonomous Welding Robot, Solar ‘Connectivity’ Drone, and the Smartest Campus in the World, to name a few.1          

LTTS’ expertise in engineering design, product development, smart manufacturing, and digitalization touches every area of human lives - from the moment one wakes up till the time one goes to bed. With 45 Innovation and R&D design centres globally, the company specialize in disruptive technology spaces such as 5G, Artificial Intelligence, Collaborative Robots, Digital Factory, and Autonomous Transport.               

LTTS is a publicly listed subsidiary of Larsen & Toubro Limited, the $20 billion Indian conglomerate operating in over 30 countries.   


Nearshore Centers

  • BETTENDORF, IOWA               
  • DUBLIN, OHIO               
  • MUNICH, GERMANY               
  • PEORIA, ILLINOIS               
  • PLANO, TEXAS               
  • ROCKFORD, ILLINOIS               
  • SANTA CLARA, CALIFORNIA               
  • SECURITY COE, JERUSALEM               
  • GOTHENBURG, SWEDEN               


Product Engineering

At LTTS, product engineering is its forte. LTTS has teams of specialists that can assist you in every step of your product development journey – starting with design & prototyping to VLSI, software, hardware and security engineering.2      

  • CAE & CFD               
  • CAx Automation               
  • Cloud Engineering               
  • DevOps               
  • Embedded Systems               
  • Engineering Analytics               
  • Immersive Experiences               
  • Integrated Design, Validation & Testing               
  • Security Monitoring               
  • Security Solutions               
  • Security Services               
  • Sustenance               
  • Testing               
  • Testing & Validation               
  • VLSI               
  • Wearables Engineering               

Manufacturing Engineering

Unconventional times call for unconventional shifts in manufacturing. In this new normal, what manufacturers need is the ability to do more with less, deliver services remotely through data and cloud platforms, reduce design timelines, and increase production throughput.3    

In short, it is time to be F.R.U.G.A.L – Flexible, Remote, Unconventional, Glocal and Agile.               

At LTTS, its service offerings are based on three core pillars: Social Distancing, Business Continuity and Business Sustainability. Here’s how the company can help you get through these challenging times and engineer your future.               

  • Plant Design & Engineering               
  • Digital Factory & Simulations               
  • Line Expansion & Transfer               
  • Frugal Product Design               
  • Asset Care               
  • Accelerated Operations               
  • Manufacturing Automation               
  • Agile Supply Chain               
  • Content Engineering               
  • Smart PLM               

Operations Engineering

From streamlining your supply chain operations, to ensuring efficient building management, and running your product servicing & support requirements, take a look at how LTTS can help unlock massive operational efficiency for your organization.4        

  • Connected Service Support               
  • Integrated Content Management               
  • Intelligent Building Management               
  • Sourcing & Procurement               

Engineering Consultancy

At LTTS, its holistic understanding of multiple industries has helped it engineer crosspollinovation – the ability to assimilate the best technologies and practices from multiple industries and integrate it into your product. Learn how its consultants can help build your next big idea.5       

  • Industry 4.0               
  • Product Strategy               
  • Security               
  • Smart Factory               


Company’s next-gen engineering solutions that are uniquely designed to address complex business challenges.6              

  • i-BEMS               
  • Connected Security               
  • nBOn               
  • UBIQWeise 2.0               
  • WagesApp               
  • AiKno™               
  • Cogmation               

Business Overview

L&T Technology Services Limited (LTTS) is a leading global pure-play Engineering Research & Development (ER&D) services company. It offers design and development solutions throughout the product development chain and provides services and solutions in the areas of mechanical and manufacturing engineering, embedded systems, engineering analytics and plant engineering. LTTS’ customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across Industrial Products, Transportation, Telecom & Hi-tech, Medical Devices, and Plant Engineering. The business also provides digital engineering advisory services to some of the world’s leading enterprises. The key differentiators for LTTS’ business are its customer-centric industry innovations, domain expertise, and multi-vertical presence spanning major industry segments.7

Business Segments


LTTS offers the complete gamut of engineering services and solutions for its global customers in the transportation industry, including OEMs and Tier 1 suppliers in Automotive, Trucks & Off-highway vehicles, and Aerospace sectors. In the automotive sector, LTTS helps its customers through best-in-class platforms and solutions in areas such as Advanced Driver Assistance System (ADAS), Autonomous Drive (AD) and Electrical Vehicles (EV). In the Aerospace sector, LTTS’ offerings encompass a wide spectrum including aero engines, aero structure & systems, avionics, air traffic management and new-age digital transformation solutions which cater to all the phases of aircraft life-cycle - design, manufacturing, and aftermarket services. LTTS’ distinct advantages in the aerospace landscape include certified state-of-the-art facilities, robust lab & testing infrastructure, and strategic alliances with Fortune 500 companies. LTTS has over a decade of domain expertise in the Trucks and Off-highway segment, offering services across industries like Construction & Mining, Cranes & Material Handlers, Commercial Vehicles, Agricultural & Gardening Equipment, Powersports and Polymer. LTTS caters to customer requirements through specialized state-of-the-art research and test labs for power electronics, tear down, material testing and smart manufacturing across its global delivery centers.               

Industrial Products

LTTS helps its OEM customers in the areas of building automation, home and office products, energy and utilities, process control and industrial machinery. LTTS brings in innovative ideas and engineers them into solutions that address some of the most pertinent modern-day industrial concerns, such as product design, industrial automation, ruggedization, equipment maintenance, and advanced safety. LTTS’ expertise spans the entire value chain from design, development and deployment to monitoring, testing and automation of processes, products and solutions. The Company has a home-grown building management solution iBEMS, that breaks the silos between various systems in a facility and enables cost savings, energy management and quicker decision making by using predictive analytics and real-time insights.               

Telecom & Hi-tech

LTTS’ Telecom and Hi-tech vertical provides engineering services and solutions that cater to five key sectors: Telecom, Consumer Electronics, Semiconductor, ISV, and Media & Entertainment. For the Telecom sector, LTTS’ services include product variant design & development, maintenance, testing, support, optimization, system integration and professional services (pre-deployment, deployment & post-deployment). For the Semiconductors industry, LTTS provides turnkey design services, IC design services, hardware system design, platform software, modem services, verification & validation, multimedia, connectivity, storage, mechanical engineering, and customer engineering support. In Consumer Electronics, LTTS provides services in the areas of product conceptualization, design & development, platform software, testing & certification, manufacturing support, product maintenance, and product launch support. For the Media & Entertainment industry, LTTS provides services in product engineering, product conceptualization, design & development, testing & certification, manufacturing support, product maintenance, and value engineering. And, in ISV, LTTS offers services like application engineering, VLSI, cloud engineering, product uplift, platform development & migration, product support, testing and certification.               

LTTS also provides services and solutions in latest technologies such as 5G, LTE, SDN/NFV, multimedia, connectivity, cloud, microservices, DevOps, big data/ analytics, data center, OTT and RDK (video, broadband, camera).               

Plant Engineering

As an engineering, procurement, and construction management (EPCM) specialist, LTTS supports every phase of a plant’s lifecycle from concept to commissioning. LTTS enables its customers to address all their engineering requirements from streamlining their processes, resolving downtime issues to ensuring adherence to statutory, human safety, machine safety, regulatory compliance, and local & global standards. LTTS provides end-to-end solutions in the areas of plant design, process engineering, project management, construction management, MOC (Management of Change), and handover of operations to its customers in Chemical, Consumer Packaged Goods (CPG), and Oil & Gas sectors. LTTS has broad expertise in traditional EPCM and sustenance engineering, as well as contemporary digital engineering enterprises. LTTS also offers services and solutions in the digital sphere to its customers in the areas of ‘Smart Manufacturing’ technologies such as ‘integrated digital factory’ & ‘factory of the future’ using Industry 4.0, IoT, and analytics platforms.               

Medical Devices

LTTS helps medical device OEMs address various industry challenges including, acceleration of the development cycle for new products, reduction in time-to-market in developing new products, value engineering, and geo-specific/regional product launches. It focuses on delivering solutions in in-vitro diagnostics, patient mobility services, musculoskeletal services, surgical services, cardiovascular, home healthcare and general medical. LTTS has designed and developed innovative products and solutions such as world’s first drug patch applicator, smart inhalers, connected hospitals, robotic endo trainer for laparoscopic surgeries, integrated reusable vessel sealing, and surgical staplers for emerging markets along with world’s first airway clearance system with Bluetooth connectivity among others. LTTS also provides pre-compliance testing and validation support including product/compliance remediation, complaints management, and regulatory documentation support.               

Business Environment

According to NASSCOM, India’s ER&D services sector (comprising of embedded systems, ER&D and product engineering services) is the fastest growing sector within the Indian technology space - estimated to grow at 11 percent Y-o-Y to reach USD 32.7 billion in FY20.               

NASSCOM reports that over the last 5-6 years, India’s ER&D services sector has been a story of consistent double-digit growth, even as the overall IT industry has grown in single digits.               

Global ER&D spend remained strong at USD 1.5 trillion in calendar year 2019 (growth of 5.3% Y-o-Y) driven by increasingly software-led engineering and digital technologies (like IoT and analytics). Digital Engineering is going to be the focus area for the enterprises with growing requirements for better user experience and personalization, greater adoption of platforms & cloud, and consolidation to build full-stack capabilities.               

Zinnov reiterates this fact by observing that global ER&D spend is resilient and has witnessed growth despite slowdown and geo-political factors. Zinnov too, forecasts that the enterprises will continue to invest in Digital Engineering initiatives to stay relevant. The global spend of Digital Engineering is expected to grow at a CAGR of 19 percent from USD 403 billion in 2019 to reach USD 1153 billion by 2025.               

The key technologies that will drive the ER&D sector’s growth are: Artificial Intelligence, Machine Learning, Platform Engineering, Big Data Analytics, Cybersecurity, Factory 4.0, Autonomous Vehicles, SDN/NFV, Automation, Predictive Maintenance, AR/VR, Chip Development, Inflight Connectivity, Remote Patient Monitoring, Robotics, and Preventive Healthcare.               

LTTS’ service portfolios have well-defined offerings in each of these technology areas and through its services and solutions in the areas of Core Engineering, Digital Engineering and Digital Advisory Practice combined with its Innovation Engine, LTTS is well positioned to provide its customers business value propositions throughout their value chain needs across domains and industries. This is further corroborated through its positioning as established technology leaders by the industry experts such as Zinnov, ISG, ARC, IDC, Nelson Hall, and Frost & Sullivan.               

Personalization and Servitization of services are other two key areas where LTTS is developing its capabilities to enable its customers to provide a value add to their endcustomers. Customers today look for personalization in nearly every product and service, hence customization on a large scale is the key for success. And the extent of this will only continue to increase in the future and with it, the need for accessibility to user information. Another key differentiator when it comes to serving today’s consumer is the overall experience comprising of ease of usage, simplicity, and interactivity and this is where the concept of servitization takes precedence. As products and services evolve with consumer requirements, experience is bound to take the top spot as a differentiator. At LTTS, LTTS is cognizant of these developments and are investing in creating capabilities in these areas through training and development. LTTS has multiple PoCs, usecases and pilots in these areas that give it a head start over its peers.               


According to NASSCOM, the Indian ER&D landscape has been growing at a healthy rate of 11 percent y-o-y. As an ER&D leader in the industry this bodes well for it. The company's strategic business approach helps it to continuously assess the changing business needs, build innovation infrastructure to meet those needs and enable its customers to gain market share and technology edge. The company's industry exposure and deep domain knowledge helps it to develop core and digital solutions to help its customers overcome short-and long-term challenges.               

Current circumstances have presented it with a unique opportunity for providing unwavering support to its customers at a difficult time. As an ER&D service provider, at LTTS, the company perceive itself  as not just business solution providers but as all-weather partners to its customers. LTTS has thus identified areas where the company can support its customers in these times and help them in their quest to see-through the current challenges as well as help them come out stronger. LTTS has launched services for the Manufacturing industry to address the shift in demand with its manufacturing line expansion/ re-design/transfer, achieve business continuity with its AGILE sourcing and supply chain services and plan healthcare for their machines with its remote asset care services.               

Furthermore, during its conversations with the customers and industry experts, the company realized that a whole lot of digital initiatives failed to provide the desired ROI. This led it to carve out a Digital Advisory Practice (DAP) that goes beyond selling the solutions and services and helps companies to architect and execute their digital roadmap with LTTS as a consulting partner.               

The industry outlook points to a steady demand for ER&D led innovation in the form of cutting-edge technology solutions that will help transform customer experiences. LTTS aspires to be the transformation-agent that the customers can bank upon to realize their vision and aspirations.               

Major Achievements

LTTS had a healthy inflow of projects across all its verticals. The Company won several multi-million-dollar deals across the globe.               

Deal Wins


  • A global automotive manufacturer has chosen LTTS for the development of AUTOSAR platform and integration of 5G telematics modules. As part of this same engagement, LTTS has also been selected by their after-market group for cloud migration and maintenance support.               
  • A European components supplier for autonomous vehicles has selected LTTS as its engineering partner for key programs in Advanced Driving Assistance Systems (ADAS) and Automated Driving (AD) domains.               
  • Selected as strategic partner by a European automotive manufacturer for its Electric Powertrain (ePowertrain) practice. LTTS will be responsible for the functional qualification of the ePowertrain ECU (Electronics Control Unit).               
  • A Sweden-based leading component supplier for autonomous vehicles has selected LTTS as a strategic partner for key programs in autonomous driving domains.               
  • Airbus India selected LTTS to manage their avionics software development, V&V (Verification & validation), and data analytics.               
  • A multi-national power company has selected LTTS as its strategic engineering partner to develop an IoT platform that combines hardware, software, and communication elements to bring diverse power components into a unified system that can be monitored and managed effectively. In addition, the customer’s aero division has chosen LTTS for analysis & simulation of engine systems and structures.               
  • A leading auto parts maker has awarded LTTS a multi-year program for design and development of their Engine Control Unit (ECU) for enhanced fuel efficiency for a new range of powertrain vehicles.               
  • LTTS secured a project to take ownership of multidisciplinary engineering design activities for an OEM involved in energy generation solutions. LTTS is leveraging its niche Plant Engineering global capabilities to deliver end to end engineering design & development.               
  • A leading Swedish automotive OEM has awarded LTTS a multi-year program to set-up a SCRUM team to develop and manage the software components in brakes, steering, suspension, and climate control domains.               

Industrial Products

  • For an industrial automation company, LTTS won a deal to develop IoT firmware for next generation motor drives and controllers.               
  • LTTS is setting up a development and design center in India for a European manufacturer to provide engineering projects across embedded, mechanical and connectivity domains.               
  • A global manufacturer of drinking water management solutions has chosen LTTS to be their sole engineering services partner to support various advanced digital programs including NPD and sensorization.               
  • A major Industrial automation company has awarded LTTS a multi-year contract to develop an electrical power module using end-to-end engineering protocols including product qualification.               

Telecom and Hi-Tech

  • LTTS has been selected by a global semiconductor OEM to set up a center of excellence as part of a two-year embedded systems program with a value of USD 15 million in the first phase of the project.               
  • LTTS has been chosen as a preferred engineering partner by a global technology company based out of the United States. Under the new 3-year engagement, LTTS will provide ER&D services for the customer in the embedded, RF engineering, hardware, electrical, thermal, and firmware domains. LTTS will also set up a U.S. based Center of Excellence (CoE) focused on incubating new & emerging technologies.               
  • LTTS won a contract from a social networking and technology company for VLSI engineering services spanning its product suite of AR & VR enabled solutions.               
  • One of the world’s leading technology firm has awarded LTTS a multi-year deal involving an engineering analytics program for next generation wireless laptops and processors.               
  • Awarded a 2-year program to set up a Center of Excellence (CoE) in the embedded systems space. The program is extendable by additional two years after completion of the first phase. Through the CoE, LTTS will provide VLSI design services to support the next-generation product development requirements of the customer in the semiconductor domain               
  • The world’s leading datacenter solutions provider has awarded LTTS a program to validate their family of high-speed platforms. LTTS will build BSPs for accelerating deployment of their IoT solutions. Additionally, LTTS won a deal to set up a development and validation Center of Excellence (CoE) for the customer, with a plan to scale up over the next three years.               
  • A multinational technology company has selected LTTS as its technology partner for a digital transformation program that involves setting up of global standards development & POCs for the customer’s global sites across 12 workstreams. LTTS will also deploy its intelligent buildings framework i-BEMS for the Company’s Headquarters in the U.S.A to help optimize energy conservation, implement analytics and enhance UX.               
  • A European media and communications conglomerate awarded a Digital Rights Management (DRM) contract to LTTS. Under the engagement, LTTS will develop next-generation hybrid boxes that support 4K used Widewine as the DRM solution for linear and Over-the-Top (OTT) Set-top boxes.               
  • LTTS has been awarded a program by a global media firm to design and develop a next generation chipset for broad-band and video security.               
  • LTTS won a managed services deal with a Media & Entertainment customer for the development and maintenance of interactive customer experience applications. LTTS will also provide 24x7 operations support including defect fixes & upgrades for the customer’s software platforms               
  • For a video solutions provider, LTTS is developing a next gen smart cards platform which will enable significant cost reductions per chip. LTTS’ Israel VLSI team will provide end-to-end expertise from design & verification through manufacturing (by 3rd party), post silicon analysis and ongoing support.               

Medical Devices

  • For a leading medical device manufacturer, LTTS is executing a complete DHF and EU medical device regulation and remediation project in newborn care and neurology markets. As part of the project, the team will be conducting gap analysis & complete DHF and MDR remediation and certifications for 50+ accessories covering class 1 products               
  • A medical technology company has awarded LTTS a multi-year program to set up a global team to support the customer’s manufacturing operations worldwide. LTTS will provide next-generation software that will help digitally transform the customer’s end-to-end systems and processes.               
  • LTTS has secured the next phase of development of a digital health program for one of the top life sciences companies in the US. LTTS will integrate the customer’s new range of glucose monitoring devices to physician portals and handheld devices.               
  • A global medical devices OEM awarded LTTS a contract to develop a new IoT platform to remotely monitor their life sciences products installed globally               
  • For a global healthcare company, LTTS was chosen to be their engineering partner to set up a Center of Excellence (CoE) that will provide support investigating and analyzing reporting of complaints for regulatory filing in the U.S. and Europe for vital sign monitoring products. Additionally, LTTS will also provide engineering support for transfer of manufacturing lines for some of the customer’s scanning devices from to India. Activities include line transfer, validation, design, manufacturing and supply of test fixtures.               
  • Secured a deal from a medical equipment manufacturer to complete design and development of a new bed side patient monitoring device including hardware & software development, mechanical engineering and prototype building.               

Plant Engineering

  • LTTS is setting up a greenfield food manufacturing plant for a global consumer goods firm. The project is expected to be completed over a period of two years.               
  • A leading German chemical company has awarded LTTS a program to offer end-to-end services for a brownfield plant expansion. The entire spectrum of engineering, procurement and construction management activities will be delivered by LTTS.               
  • Won a large deal to implement over 600 engineering applications for a leading U.S-based EPC company. LTTS will ensure uptime of the applications and improve engineering productivity               
  • One of the largest beverage companies in the world has selected LTTS for an Engineering Construction Management Program (EPCM) to replace the ageold wastewater treatment system at one of its key manufacturing plants. LTTS will upgrade the plant with the latest Industry 4.0 technologies.               
  • LTTS was awarded a project to set up an Engineering Value center (EVC) by a multinational brewery company for execution of site based projects across pan-India sites.               

Customer Recognitions

LTTS launched the ‘smartest office campus in the world’ in Israel for a leading technology conglomerate, which runs on its proprietary smart building platform.               

Agappe Diagnostics, a diagnostics reagents and equipment manufacturer, launched the first indigenously developed blood cell counter in partnership with L&T Technology Services. The blood cell counter provides accurate diagnostics for critical ailments such as Dengue fever, rat fever, allergic conditions, Leukaemia, Typhoid, and Anaemia               

Honda conferred LTTS with the ‘Performance Excellence Award’ for exceeding performance standards including quality, cost and service               

Significant Initiatives

  • LTTS believes in incremental efforts to enhance its technology and service footprint across the industry sectors that it caters to globally. This drives it to carve out various initiatives that enable its vision and commitment towards excellence               
  • Aerospace & Defense Engineering Design center: LTTS inaugurated an aerospace and defense engineering design center in Rockford, Illinois to cater to the new age digital requirements of the aerospace and defense markets.               
  • World’s first cost-effective robotic endo-training kit: LTTS developed the world’s first cost-effective Robotic Endo-training Kit in association with GITA and Department of Science and Technology (DST). This kit is a futuristic surgical training robot that gives a high-definition observation of the patient’s anatomy and the instruments. The research and development for the kit has been a joint effort between India and the Republic of Korea.               
  • Industry4.NOW: LTTS’ new framework unveiled a line-up of Digital Manufacturing Solutions (DMS) that can unlock value based digital transformation and help global manufacturers scale their digital initiatives.               
  • TECHgium® Edition 3: The third edition of LTTS’ national futuristic technology-based innovation competition received record-breaking 19,000 applications from over 270 reputed colleges & universities across India clocking a 200% increase in participants from its inception year 2016.               
  • Engineering Hackathon: LTTS set out on a dual-purpose Europe mission to showcase its engineering expertise to the customers through a technology-lab-on-a-bus tour and finding solutions to key technological challenges through an engineering hackathon. The Company’s 16-day pan-Europe initiative included customer campus visits and roadshows through a 3,000 km innovation-onwheels drive covering Greater Manchester & Ellesmere Port (Cheshire) in the UK, Amiens & Paris in France and Eindhoven in Netherlands, culminating in Germany.               
  • Google CWIP Certification: LTTS completed Google’s CWIP certification program for Widevine DRM solutions for OTT delivery of secure content to devices for streaming or download.               
  • Consolidating the European Footprint: L&T Technology Services expanded its footprint in Europe by setting up an office in the Hi-Tech campus, Eindhoven. The objective of this office is to enhance customer centricity in the Netherlands. Located in the High-Tech campus, the office will act as a focal point to serve LTTS’ local customers and prospects better in their digital journey               
  • Factory D.0: LTTS unveiled its one-stop solution for factories of the future to address the fundamental problems with the smart factory solutions of today.               

Financial Overview


The company's revenue from continuing operations increased by 10.6% to Rs 56,191 Million for the year ended March 31, 2020 from Rs 50,783 Million for the year ended March 31, 2019, with growth being led primarily by the Transportation, Plant Engineering, and Medical Devices segments.               

The company's USD revenue from continuing operations comprise revenues denominated in USD, in addition to amounts in foreign currencies across its operations, that are converted into USD using the day-end exchange rates for the relevant period. Such revenues increased by 8.7% to USD 786 Million for the year ended March 31, 2020 from USD 723 Million for the year ended March 31, 2019.                      


Transportation segment is its largest segment by revenue and contributed 35.4% of the company’s total revenue in FY’20 vs 31.9% of the total revenue in FY’19. The segment clocked a healthy topline growth of 22.7% Y-o-Y. The operating margin of this segment has increased from 16.7% in FY’19 to 17.7% in FY’20. Increase in operating margin is due to increase in revenue from FY’19 to FY’20.               

Telecom & Hi-tech

Telecom segment is the second largest segment. The segment has contributed 20% of the company’s total revenue in FY’20 vs 27.1% of the total revenue in FY’19. The operating margin of this segment has improved to 16.5% in FY’20 from 15.6% in FY’19.               

Industrial Products

The Industrial Products segment is the third largest segment and has contributed 19.3% of the company’s total revenue in FY’20 vs 20.1% of the total revenue in FY’19. The segment has shown a decent growth in revenue by 6.5% Y-o-Y. The operating margin of this segment has improved from 24.9% in FY’19 to 26.1% in FY’20.               

Plant Engineering

Plant Engineering contributed 16.2% of the company’s total revenue in FY’20 vs 14.2% of the total revenue in FY’19. The segment showed an increase of 26% Y-o-Y. The operating margin of this segment has significantly increased from 22.7% in FY’19 to 25.4% in FY’19.               

Medical Devices

Medical Devices segment is the smallest segment and contributed 9.1% of the company’s total revenue in FY’20 whereas in FY’19 it was 6.7%. This segment grew by 51.4% Y-oY and was the fastest growing segment in FY’20. The operating margin of this segment has improved from 24.8% in FY’19 to 27.3% in FY’20.           

Other Income

The company's Other Income primarily consists of income from foreign exchange gains investments in mutual funds, interest received, net gain on fair value of investment and miscellaneous income. In miscellaneous income, the income from sale of export licenses (obtained as a result of government incentives) increased by Rs 655 Million in FY 20 (FY20: Rs 931 Million and in FY19: Rs 276 Million) which was more than offset by the absence of the one-time income of Rs 780 Million registered in FY19 (which was towards a transaction with one of the Company’s customers), leading to decrease in its Other Income to Rs 2,091 Million for the year ended March 31, 2020 from Rs 2,228 Million for the year ended March 31, 2019.               

The Company designates foreign exchange forward contracts as hedge instruments in respect of foreign exchange risks. These hedges are accounted for as cash flow hedges. The Company uses hedging instruments that are governed by the policies of the Company which are approved by the Board of Directors, which provide written principles on the use of such financial derivatives consistent with the risk management strategy of the Company.         


The company's expenses include employee benefit expenses, other operating expenses, change in contingent consideration, finance costs, depreciation and amortization and tax expenses. The total of such expenses increased by 10.4% to Rs 50,058 Million for the year ended March 31, 2020 from Rs 45,327 Million for the year ended March 31, 2019, primarily as a result of an increase in employee benefit expenses, which was attributable to the growth of its operations and annual increase in salaries.               

Employee benefit expenses comprise salaries (including overseas staff expenses), share based payment, staff welfare, contributions to provident funds and contributions to gratuity funds.               

The company's employee benefit expenses increased by 8.6% to Rs 32,916 Million for the year ended March 31, 2020 (which represented 58.6% of its revenue from operations for such year) from Rs 30,318 Million for the year ended March 31, 2019 (which represented 59.7% of its revenue from operations for such year). This is primarily as a result of increase in salaries, including overseas staff expenses, to Rs 31,775 Million from Rs 29,307 Million on account of annual increments and increase in the headcount from 15,140 as at March 31, 2019 to 16,883 as at March 31, 2020.               

Employee benefit expenses earlier consisted of Travel Cost of Billable Employees which in FY 20 are regrouped under Other Operating Expense and FY 19 figures are regrouped accordingly.                     

Finance costs 

Finance costs comprise bank interest paid and Interest accounted towards IND AS116. Exchange losses on borrowings are also accounted for as part of finance costs.               

The company's finance costs increased to Rs 365 Million for the year ended March 31, 2020 (majorly on account of Interest on Lease Liability booked amounting to Rs 350 Million as a part of adoption of IND AS 116 effective 1st April 2019) from Rs 19 Million for the year ended March 31, 2019.               

Depreciation and Amortization

The company's depreciation and amortization on tangible & intangible assets increased to Rs 1,829 Million for the year ended March 31, 2020 (out of which Rs 783 Million accounted as Depreciation on ROU created as per IND AS 116) from Rs 1,042 Million for the year ended March 31, 2019.               

Net Profit

LTTS net profit increased by 7.0% to Rs 8,224 Million for the year ended March 31, 2020 from Rs 7,684 Million for the year ended March 31, 2019.               

The company's Basic EPS before extraordinary items has increased by 6.1% to Rs 78.56 per share in the year ended March 31, 2020 from Rs 74.06 per share in the year ended March 31, 2019. The diluted EPS has increased by 6.6% to Rs 77.70 per share in the year ended March 31, 2020 from Rs 72.91 per share in the year ended March 31, 2019. The increase is on account of higher profit attributable to equity shareholders               

Key Financial Ratios

Ratio FY 20 FY 19
Days Sales Outstanding (in days) 9076
Interest Coverage Ratio 1,120641
Current Ratio 2.82.8
Debt Equity Ratio 00
Operating Profit Margin (%) 16.50%16.00%
Net Profit Margin (%) 14.60%15.10%
Return on Net Worth (%) 31%35%

Recent developments

June 02, 2020; L&T Technology Services Joins SRT Alliance and Is Recognized as SRT Ready Partner8             

L&T Technology Services Limited has joined the SRT Alliance and has been recognized as an SRT Ready partner providing customers with cutting-edge cloud-based video transport technology.               

The SRT Alliance, founded by Haivision in April 2017, already has more than 300 members. Its mission is to overcome the challenges of low-latency live streaming by supporting the collaborative development of SRT (Secure Reliable Transport) through the SRT Open Source Project, the fastest growing open source streaming project.               

SRT is a free open source video transport protocol and technology stack originally developed and pioneered by Haivision that enables the delivery of high-quality and secure, low-latency video across the public internet. Some of the world’s top broadcasters and operators are already part of the industry pervasive SRT Alliance. LTTS is one of the latest additions to the alliance as an SRT solution provider.               

LTTS’ in-house platforms such as its next-gen digital signage solution Flyboard, combined with its expertise in SRT and cloud transmission, open up a plethora of possibilities for the industry. Some of these include reducing transmission time by up to 75% in remote area defense communications, cloud-based production workflows to reduce transmission costs from the field to broadcaster studios, live coverage of far flung events without the need of satellite links, and enhanced viewing of sporting events through multiple angles for commentators and fans alike.               

August 04, 2020; L&T Technology Services expands collaboration with Microsoft to offer eco-friendly solutions for workplace transformation9                

L&T Technology Services Limited announced that it has expanded its collaboration with Microsoft Corporation and launched its latest and enhanced version of the state-of-the-art i-BEMSTM solution on Microsoft Azure to transform buildings into future-ready smart campuses.               

With growing digital transformation, there has been a clear impetus on the need for organizations to revamp their office premises to be eco-friendly, taking into consideration sustainability aspects including greenhouse gas and carbon emissions. Another important aspect for office and facility administrators today is to find balance in their buildings to ensure health, safety and wellbeing of their workforce.               

LTTS’ award-winning Intelligent Building Experience Management System i-BEMSTM is a system-of-systems solution that focuses on creating digital experiences and intelligent space management. The cloud-based smart buildings/campus/spaces solution helps monitor and manage building operations and optimize business metrics leveraging advanced IoT based Edge Analytics and machine learning algorithms.               

i-BEMS™ uses advanced energy analytics and fault diagnostics for energy savings, and netzero energy compliance. i-BEMSTM has enterprise-grade security features and can create a digital twin to test changes in a virtual build of the building.               

LTTS has earlier collaborated with Microsoft to develop a smart campus in Israel for a leading technology company. The two companies have also partnered to leverage Azure IoT platform for Sustainability solutions and connect with Microsoft Dynamics 365 for Field Service to enable real-time optimization, improve ROI and employee productivity for Facility Management and Operations globally. In 2018, LTTS furthered their working relationship with Microsoft by setting up a Digital Industrial Transformation Applied Innovation Centre for shared enterprise customers.               

The current expanded collaboration leverages Azure to enable i-BEMSTM to act as a Facility Information Broker, unifying data from all systems making the building/campus a single entity rather than a heterogeneous collection of systems focused on employee health and safety and preservation of the immediate environment.   

L&T Technology Standalone December 2020 Net Sales at Rs 1,267.60 crore, down 3.83% Y-o-Y 10

January 22, 2021; Reported Standalone quarterly numbers for L&T Technology Services are:

  • Net Sales at Rs 1,267.60 crore in December 2020 down 3.83% from Rs. 1,318.10 crore in December 2019.
  • Quarterly Net Profit at Rs. 189.80 crore in December 2020 down 4.29% from Rs. 198.30 crore in December 2019.
  • EBITDA stands at Rs. 307.90 crore in December 2020 down 1.31% from Rs. 312.00 crore in December 2019.
  • L&T Technology EPS has decreased to Rs. 18.10 in December 2020 from Rs. 19.02 in December 2019.


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Created by Asif Farooqui on 2020/08/24 07:30
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