L&T Technology Services Ltd

About

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)

  • Market Cap 18,559 Cr.
  • Current Price 1,770
  • High / Low 1,879 / 995
  • Stock P/E 26.6
  • Book Value 295
  • Dividend Yield 1.19 %
  • ROCE 42.6 %
  • ROE 31.4 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 21.52% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.08%
  • Company has been maintaining a healthy dividend payout of 29.25%

Cons

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
969 1,055 1,152 1,266 1,317 1,343 1,348 1,402 1,423 1,447 1,295 1,314
821 891 956 1,037 1,075 1,095 1,075 1,119 1,137 1,178 1,089 1,081
Operating Profit 148 164 196 229 242 248 273 283 286 268 206 233
OPM % 15% 16% 17% 18% 18% 18% 20% 20% 20% 19% 16% 18%
Other Income 44 76 98 55 36 34 56 47 44 61 14 57
Interest 1 1 0 0 1 0 9 9 9 9 11 11
Depreciation 14 45 26 27 24 27 43 44 47 48 49 53
Profit before tax 177 194 268 256 253 254 277 277 274 272 160 226
Tax % 28% 18% 26% 25% 26% 24% 26% 25% 25% 24% 26% 26%
Net Profit 126 159 198 191 186 192 204 206 204 205 117 166
EPS in Rs 12.35 15.50 19.28 18.43 17.85 18.41 19.60 19.78 19.56 19.60 11.21 15.78
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 5,478
2,220 2,547 2,662 3,171 4,164 4,506 4,485
Operating Profit 399 519 586 576 915 1,113 993
OPM % 15% 17% 18% 15% 18% 20% 18%
Other Income 25 84 57 193 223 207 176
Interest 3 2 2 2 2 36 40
Depreciation 48 59 62 89 104 183 198
Profit before tax 372 542 579 678 1,031 1,100 932
Tax % 16% 23% 27% 25% 26% 25%
Net Profit 311 419 425 506 766 819 692
EPS in Rs 10.36 55.88 41.78 49.39 73.61 78.33 66.15
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:22%
3 Years:25%
TTM:-12%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:17%
1 Year:20%
Return on Equity
10 Years:%
5 Years:33%
3 Years:32%
Last Year:31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
89.28 88.81 87.10 80.66 80.41 78.88 74.97 74.97 74.74 74.62 74.60 74.36
3.17 2.95 3.14 3.87 4.22 5.09 8.50 8.93 8.26 8.37 8.95 7.97
1.08 0.78 0.94 4.32 4.25 4.43 4.75 4.76 4.52 4.88 4.45 5.83
6.46 7.47 8.82 11.15 11.12 11.60 11.78 11.34 12.48 12.13 12.00 11.83

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