L&T Technology Services Ltd

L&T Technology Services is a leading global ER&D services company with a client base comprising 69 Fortune 500 companies and 51 of the worlds top R&D spenders. The Company offers design and development solutions to clients across the entire value chain of product development and caters to all major industries including transportation, industrial products, telecom & hi-tech, medical devices and process industries.(Source : 201903 Annual Report Page No: 4)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 31.17%
Company has been maintaining a healthy dividend payout of 30.57%
Cons:

Peer Comparison Sector: IT - Software // Industry: Computers - Software - Medium / Small

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
780 778 779 840 908 980 1,074 1,184 1,214 1,239 1,246 1,293
626 647 651 709 767 828 886 964 985 1,012 988 1,026
Operating Profit 154 131 128 131 141 152 188 220 229 228 258 268
OPM % 20% 17% 16% 16% 16% 15% 17% 19% 19% 18% 21% 21%
Other Income 16 2 28 46 42 72 24 55 37 35 55 50
Interest 0 0 0 0 0 0 0 0 0 0 9 9
Depreciation 14 13 13 13 13 18 19 20 19 16 36 37
Profit before tax 156 119 143 163 170 205 193 255 247 246 269 272
Tax % 25% 22% 27% 28% 30% 28% 25% 26% 27% 25% 26% 25%
Net Profit 118 93 104 118 120 148 144 190 181 185 198 203
EPS in Rs 11.58 9.16 10.22 11.53 11.72 14.48 14.08 18.43 17.39 17.80 19.03 19.51
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
0 126 2,561 2,894 3,112 3,507 4,712 4,993
0 107 2,156 2,360 2,508 2,956 3,848 4,010
Operating Profit 0 20 404 533 604 551 864 983
OPM % 16% 16% 18% 19% 16% 18% 20%
Other Income 0 -4 25 82 54 188 151 176
Interest 0 3 3 2 1 0 1 18
Depreciation 0 1 47 54 58 58 73 107
Profit before tax 0 12 379 559 600 681 941 1,033
Tax % 46% 17% 22% 25% 28% 26%
Net Profit 0 6 315 436 449 489 700 767
EPS in Rs 44.24 47.75 67.32 73.73
Dividend Payout % 0% 50% 25% 27% 34% 31%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:106.28%
3 Years:17.65%
TTM:20.44%
Compounded Profit Growth
10 Years:%
5 Years:157.29%
3 Years:17.08%
TTM:27.31%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:23.60%
1 Year:-8.78%
Return on Equity
10 Years:%
5 Years:33.66%
3 Years:31.17%
Last Year:31.82%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
0 502 1,050 300 20 20 21 21
Reserves 0 -18 7 789 1,511 1,945 2,415 2,560
Borrowings 0 49 155 113 0 0 43 0
0 505 1,275 673 702 723 856 1,154
Total Liabilities 0 638 1,737 1,875 2,234 2,688 3,334 3,734
0 405 524 560 559 553 565 943
CWIP 0 0 0 14 2 0 0 2
Investments 0 0 6 62 199 322 752 485
0 233 1,207 1,239 1,474 1,813 2,017 2,305
Total Assets 0 638 1,737 1,875 2,234 2,688 3,334 3,734

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
0 -14 289 525 402 340 737
0 -505 -607 -154 -177 -166 -486
0 548 401 -402 -240 -98 -202
Net Cash Flow 0 29 83 -31 -15 76 48

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 5% 44% 46% 44% 39% 42%
Debtor Days 434 95 90 83 99 79
Inventory Turnover