nse English news | nse, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2020.Key financial parameters for Q1FY21:* USD Revenue at USD 171 million* Revenue at Rs 12,947 million; down 4 per cent YoY* EBIT margin at 12.1 per cent* Net profit at Rs 1,173 million; down 42 per cent YoYLTTS has executed a definitive agreement to acquire 100 per cent stake in Orchestra Technology, a specialist technology solutions provider for the Telecom industry.Orchestra is based in Texas, USA, and will enable LTTS to strengthen its capabilities in network engineering and modernization."With many industries operating at limited capacity on account of the pandemic, Q1 was a challenging quarter as expected. Still, we had a good performance in two of our segments - Telecom & Hitech and Medical, and our large deal engine continues to churn wins. Free cash flow generation was strong during the quarter and the healthy cash position sets us up well for the future. Looking ahead, we see a path for a recovery backed by good order bookings and a healthy pipeline. We expect both revenue and operating margin to show sequential improvement over the remaining quarters of the current fiscal," said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited."The acquisition of Orchestra will enhance our offerings in the areas of Network Engineering & Enterprise Mobility and provide us strategic access to Telecom service providers who are investing in next-generation digital systems for 5G and IoT networks," added Dr Keshab."As customers redraw their business plans, we are working with them to improve operating efficiency, finetune sourcing and production plans, and prepare for faster go-to-market. Our newer set of offerings like Frugal Manufacturing, Telehealth solution, and i-BEMS Shield are seeing good traction in the market. The large deal discussions we are having with customers are a notch higher in terms of criticality and adoption of new-age technologies, which we believe will pave the way for greater mind share and competitive differentiation", said Dr Keshab Panda.During the quarter, LTTS won nine multi-million dollar deals across all major industry segments which includes one deal with TCV of USD 30 million-plus and two deals with TCV of USD 15 million-plus. On a YoY basis, LTTS has increased its USD 10 million-plus clients by five and its USD 1 million-plus clients by three.Industry recognitions:* TechCircle honored LTTS with the Business Transformation Award in the "New Markets" category to our IT and HR functions jointly for leading digital transformation at LTTS with innovative solutions.* Enterprise IT magazine conferred LTTS' IT Team with the "COVID-19 Super Hero Award" for their tireless efforts to help LTTS' workforce during the lockdown.PatentsAt the end of the first quarter, the patents portfolio of L&T Technology Services stood at 525, out of which 385 are co-authored with its customers and the rest are filed by LTTS.Human ResourcesAt the end of Q1FY21, LTTS' employee strength stood at 16,641.This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (/BusinessWire India)( With inputs from ANI )

NseFOLLOW

Nse, Latest News

New Delhi, Sep 3 Despite the Covid-19 pandemic sending revenues up in smoke leading to profit warnings by ... ...

New Delhi, Aug 22 NDTV will file an application within 15 days to seek waiver of the penalty ... ...

BSE & NSE listed RattanIndia Infrastructure Ltd (RTNINFRA), part of the RattanIndia Group, a business conglomerate with interests in power generation and finance, has notified the exchanges regarding the recommendation of their committee to enter and ...

BSE listed and NSE traded, Jump Networks Limited (JUMPNET) - a technology company that provides next-generation digital services on ultra-low bandwidth to the historically under-served sections of the society, is all set to invest and capitalize on a ...

Mumbai, Aug 17 Positive global cues, along with stock-specific movements, lifted the Indian equity market on Monday. The ... ...

BSE and NSE listed BLS International Services Limited's step down subsidiary, BLS International Services Canada Inc, have been accredited by RCMP's Canadian Criminal Real Time Identification Services (CCRTIS) to run fingerprinting services on the Roy ...

New Delhi, Aug 7 Adani Electricity Mumbai Ltd (AEML) has sold shares worth Rs 202 crore in Yes ... ...

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2020. ...