Larsen & Toubro Technology Services (LTTS) on Monday posted a 5 per cent decline in consolidated net profit at Rs 194.5 crore in the March 2021 quarter. In addition, the Board of Directors at their meeting held on Mnday have recommended a final dividend of 725 per cent which is Rs 14.5 per equity share of face value of Rs 2 each.
This dividend is subject to approval of the shareholders of the company, which if approved, shall be paid/dispatched within thirty days from the conclusion of the Annual General Meeting of the Company, the company said in its filing.
The company had registered a net profit of Rs 204.8 crore in the year-ago period, according to a regulatory filing.
Its revenue fell marginally to Rs 1,440.5 crore in the fourth quarter of the last fiscal.
On a sequential basis, the net profit was higher 4.5 per cent from Rs 186.1 crore while revenue increased 2.8 per cent from Rs 1,400.7 crore in the December 2020 quarter.
"We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at Rs 1,252 crores was at a record high," LTTS CEO and Managing Director Amit Chadha said.
He added that in the fourth quarter, the company's revenue was back on the positive year-over-year growth path.
During the latest March quarter, LTTS won six deals with TCV (Total Contract Value) of over USD 10 million. Revenues from digital and leading-edge technologies stood at 52 per cent during the quarter under review.
"We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth," he said.
LTTS' net profit declined 19 per cent to Rs 663.3 crore in FY'21 while revenue fell 3 per cent to Rs 5,449.7 crore from the previous fiscal.
In dollar terms, the company's revenue grew 1.1 per cent year-on-year to USD 197.5 million in the March 2021 quarter. However, it dropped 6.3 per cent in FY'21 over the previous fiscal.
The company's board has recommended a final dividend of Rs 14.50 per share.
The company's headcount stood at 16,452 at the end of the March 2021 quarter. Its attrition was 12.2 per cent.
“We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path," said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.