L&T Technology Services Ltd

lnttechservices.com BSE: 540115 NSE : LTTS
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L&T Technology Services is a leading global pure-play Engineering Research and Development (ER&D) services company. ER&D services are a set of services provided to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.

Website BSE NSE
  • Market Cap ₹ 26,209 Cr.
  • Current Price ₹ 2,495
  • High / Low ₹ 2,780 / 995
  • Stock P/E 38.9
  • Book Value ₹ 295
  • Dividend Yield 0.84 %
  • ROCE 42.6 %
  • ROE 31.3 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 21.42% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.97%
  • Company has been maintaining a healthy dividend payout of 29.25%

Cons

  • Stock is trading at 8.46 times its book value

Peer comparison

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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,055 1,152 1,266 1,317 1,343 1,348 1,402 1,423 1,447 1,295 1,314 1,401
891 956 1,037 1,075 1,095 1,075 1,119 1,137 1,178 1,089 1,081 1,125
Operating Profit 164 196 229 242 248 273 283 286 268 206 233 276
OPM % 16% 17% 18% 18% 18% 20% 20% 20% 19% 16% 18% 20%
Other Income 76 98 55 36 34 56 47 44 61 14 57 49
Interest 1 0 0 1 0 9 9 9 9 11 11 11
Depreciation 45 26 27 24 27 43 44 47 48 49 53 62
Profit before tax 194 268 256 253 254 277 277 274 272 160 226 251
Tax % 18% 26% 25% 26% 24% 26% 25% 25% 24% 26% 26% 25%
Net Profit 159 198 191 186 192 204 206 204 205 117 166 186
EPS in Rs 15.50 19.28 18.43 17.85 18.41 19.60 19.78 19.56 19.60 11.21 15.78 17.72
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,619 3,066 3,248 3,747 5,078 5,619 5,456
2,220 2,547 2,662 3,171 4,164 4,506 4,473
Operating Profit 399 519 586 576 915 1,113 983
OPM % 15% 17% 18% 15% 18% 20% 18%
Other Income 25 84 57 193 223 207 180
Interest 3 2 2 2 2 36 42
Depreciation 48 59 62 89 104 183 213
Profit before tax 372 542 579 678 1,031 1,100 908
Tax % 16% 23% 27% 25% 26% 25%
Net Profit 311 419 425 506 766 819 674
EPS in Rs 10.36 55.88 41.78 49.39 73.61 78.33 64.31
Dividend Payout % 50% 26% 29% 32% 29% 27%
Compounded Sales Growth
10 Years:%
5 Years:17%
3 Years:20%
TTM:-1%
Compounded Profit Growth
10 Years:%
5 Years:21%
3 Years:24%
TTM:-16%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:21%
1 Year:49%
Return on Equity
10 Years:%
5 Years:33%
3 Years:32%
Last Year:31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
1,050 300 20 20 21 21 21
Reserves 2 766 1,465 1,916 2,458 2,748 3,076
Borrowings 219 196 102 70 70 30 530
1,257 681 644 696 802 1,504 897
Total Liabilities 1,778 1,942 2,232 2,702 3,352 4,303 4,523
569 621 614 709 780 1,174 1,251
CWIP 0 14 2 0 0 9 12
Investments 0 56 195 221 575 642 1,056
1,208 1,252 1,421 1,772 1,997 2,479 2,204
Total Assets 1,778 1,942 2,232 2,702 3,352 4,303 4,523

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
289 544 388 409 806 638
-667 -176 -178 -196 -509 -222
464 -383 -222 -132 -245 -406
Net Cash Flow 86 -15 -12 81 52 10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 43% 41% 38% 45% 43%
Debtor Days 96 86 80 94 76 90
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
88.81 87.10 80.66 80.41 78.88 74.97 74.97 74.74 74.62 74.60 74.36 74.27
2.95 3.14 3.87 4.22 5.09 8.50 8.93 8.26 8.37 8.95 7.97 8.87
0.78 0.94 4.32 4.25 4.43 4.75 4.76 4.52 4.88 4.45 5.83 6.40
7.47 8.82 11.15 11.12 11.60 11.78 11.34 12.48 12.13 12.00 11.83 10.46

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