L&T Technology Services Reports Q2 Net profit of ₹166 Crore, Up 41% QoQ in Q2FY21

 

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

Highlights for Q2FY21 include:

* USD Revenue at $178 million; growth of 4.1% QoQ

* Revenue at ₹13,138 million; growth of 1.5% QoQ

* EBIT margin at 13.7%; up 160 bps QoQ

* Net profit at ₹1,655 million; growth of 41% QoQ

* Interim Dividend of ₹7.5 per share; Record date October 27, 2020

During the quarter, LTTS won 8 multi-million dollar deals across all industry segments including 3 deals with TCV of USD15mn plus and another 3 deals with TCV of USD10mn plus. Revenues from digital and leading-edge technologies stood at 49% during the quarter.

“We had a strong quarter with broad based revenue growth and an improvement in operating margin performance, in line with what we had guided. Steady order bookings and a healthy pipeline across all segments gives us confidence that the growth momentum will continue.

Customers are accelerating the deployment of digital engineering projects to enable business continuity and drive scale. LTTS with its highly differentiated skillsets in Plant Engineering is thus rightly positioned to provide solutions around virtualization, 3D Modelling and digital twin, that allows it to partner with customers on transformational programs.

Our efforts to build a Platforms and Solutions practice has started to see better traction in the marketplace with customers demanding solutions that provide enhanced safety and remote productivity in the context of the pandemic. LTTS’ solutions such as i-BEMSTM Shield - a smart campus framework, and AVERTLETM - a predictive maintenance solution for touchless plant operations, have seen multiple wins in Q2 and the pipeline looks exciting. 

We continue to invest in design labs; in Q2, we opened a state-of-the-art EV lab to work on technologies that will improve the performance and endurance of electric vehicles. Our EV practice is seeing good traction across top Auto OEMs and suppliers”, said Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

Industry Recognitions:

·     Everest Group has positioned LTTS as a Leader in the Development, Verification & Validation, Deployment and System Integration Industry 4.0 Services PEAK Matrix® Assessment 2020

·   Recognized as Most Innovative Tech Company of the year, Most Exemplary Employer (COVID-19 response category) and Best Brand Experience of the Year in the 17th Stevie® International Business Awards

·   Honored with Silver for Best Workplace Practices at the annual Financial Express BrandWagon Ace Awards 2020

·    Won the Brandon Hall HCM Excellence Award for Best Advances in Talent Acquisition Process and Employee Engagement

Patents

At the end of the second quarter, the patents portfolio of L&T Technology Services stood at 550, out of which 404 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q2FY21, LTTS’ employee strength stood at 15,902.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 15,900 employees spread across 17 global design centers, 28 global sales offices and 52 innovation labs as of September 30, 2020.

13 Year Old BHIS Student Develops Educational Buddy – EDDY to Improve Online Learning

Online learning has become the new normal and children are finding ways to cope with this new format of learning. Husein Hakim - a 13 year-old grade VIII student of Billabong High International School, Santacruz - has taken his passion for coding to create an innovative, educational mobile app EDDY, to help make available e-books, assignment submissions and recorded classes.

Speaking about how he got this idea, Husein said, “I saw a need-gap/ problem and started working to make a solution to address this need. EDDY can help students easily access resources for learning. With recorded classes, students have the liberty to go back and refer to videos for knowledge enhancement. The teachers of Billabong International High School Santacruz guided me and their constant motivation helped me fine tune and realize my idea of developing and launching EDDY.”

Nikhat Azam, Principal, BHIS Santacruz added, “At Billabong High International School, the learning ethos is directed towards enabling our students to reflect & hone their strengths and true passions. The end goal is to ensure they find their ‘north star’ the one thing they are truly passionate about. Most activities, projects & initiatives are designed to ensure learning that stimulates problem-solving, creative thinking and a growth mind set. These achievements and ‘new innovations’ by our students are testimony to our efforts as a school have been successful in providing them with a thriving environment. The out-of-the box thinking, confidence and ability to be a solution seeker and a collaborator, is the hall mark of Billabong High International School which makes it a very special school.”

Husein has been working towards creating solutions to problems he sees around him and he was a runner-up in a design championship in 2019 and in 2020. Husein wants to move ahead with programming language such as Java so that he can enhance the app and add better features. He wants to connect Eddy to a server to allow the app to function so that it is available to everyone.  His dream is to work with one of the big 5 technology corporations and possibly start something of his own, as he learns the ropes of the business.

About Billabong High International School:

Billabong High International School came up as a step forward in the journey to fire the imagination of children in 2003; we now have 35 schools in India and Maldives. Its goal is to create high interest and rewarding learning experiences that will stay with children for the rest of their lives. Giving a purpose to learning and allowing children to be thinkers, innovators, and problem-solvers will result in natural and integrated development of knowledge, skills, and thinking. Billabong High International School offers the ICSE, IGCSE and CBSE boards, from preschool through Grade 12.

Bank of Baroda, Accenture Completes Technology Integration of Former Vijaya Bank Branches

* 21 million customers of Vijaya Bank now have access to Bank of Baroda’s banking services

Accenture (NYSE: ACN) and Bank of Baroda have successfully completed the technology integration of the former Vijaya Bank’s branches with Bank of Baroda – part of the post-merger integration of the first three-way merger of public sector banks in India. Accenture is now helping align former Dena Bank’s IT systems with Bank of Baroda.

The merger of Vijaya Bank and Dena Bank with Bank of Baroda in 2019 created the country's third largest public sector bank. Upon completion, the combined technology architecture will help the merged entity seamlessly integrate its India-wide customer service and business operations network of nearly 9,000 bank branches and more than 12,000 ATMs.

In its role as lead technology partner, Accenture developed the blueprint for consolidating the IT systems of the three banks and is overseeing the execution of the technology integration strategy, which includes data migration, application and data center consolidation, as well as business continuity management. With the completion of the Vijaya Bank migration, around 21 million customers from across 1,900+ Vijaya Bank branches have been seamlessly migrated to Bank of Baroda. The migration was executed remotely during the ongoing pandemic with no impact on business continuity.

Sharad Saxena, Chief Technology Officer, Bank of Baroda said, “Our technology integration goal is to offer uninterrupted customer services while paving the way for the next-generation banking experience across the merged entity. Accenture’s role in the consolidation of the technology infrastructure of former Vijaya Bank with that of Bank of Baroda has helped us offer a smooth, hassle-free experience to our customers during the migration. The integrated technology architecture gives former Vijaya Bank customers the ability to opt for Bank of Baroda’s entire suite of offerings, while continuing to use their existing payment instruments until further notice.”

“Technology plays a pivotal role in successful post-merger integration and unlocking value for all stakeholders,” said Sonali Kulkarni, Lead – Financial Services, Accenture in India. “With this collaboration, our objective has been to minimize disruption to the employees and customers across the three banks, while enabling business continuity.”

In 2018, Bank of Baroda collaborated with Accenture to develop and maintain an Analytics Center of Excellence (ACoE) – a software platform with a central data repository that can store up to a petabyte (a million gigabytes) of company data, and is powered by leading data technologies and techniques such as predictive analytics.

About Bank of Baroda:

Bank of Baroda (“The Bank”) established on 20th July 1908 is a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 8,950+ branches, 12,000+ ATMs, 1,200+, self-service e-lobbies and 18,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Co. Pvt. Ltd. and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

Raymond Launches VIRASAFE – The Widest Anti-Viral Range of Fabrics for Suiting and Shirting

* First to introduce an exhaustive range of anti-viral fabrics with over 600+ options

* Proven to have anti-viral agents, Virasafe effectively deactivates viruses and bacteria

* Virasafe range offers the finest range of Suiting and Shirting fabrics that is an ideal choice for Service professionals

* A 360 degree high decibel media campaign along with a TVC and a thrust on digital piqued consumer interest

* Virasafe is available in The Raymond Shops and Multi brand outlets across the country

Raymond, India’s leading textile and apparel manufacturer and retailer received an encouraging response for its latest anti-viral range of fabrics called Virasafe. This latest addition to Raymond’s exhaustive product range offers highly effective range of shirting and suiting anti-viral fabrics that are ideal for daily use for corporate professionals, service professionals and medical professionals. Being the preferred fabric brand for millions of Indians, Raymond believed that introducing high performance range of anti-viral fabrics is a strong reassurance for consumers as they resume their daily work lives. Research shows that viruses can remain active on textile surfaces for up to two days. The fabric is 100percent effective on Avian Influenza (HSN1), SARS Corona Virus (COV – P8-P11) and INFLUENZA Virus (H1N1).

The antiviral treatment/finishes on textiles can significantly reduce the risk of transmission and contamination and curbing the spread of viruses. Speaking about this latest innovation, Ram Bhatnagar, VP & Head - Sales & Distribution, Sales said; “We have received an overwhelming response from our Trade channel and institutional buyers for Virasafe range. This is a testimony to our product innovation and the trust we have built over the years. As the market is opening up, we are optimistic that this anti-viral fabric will receive the traction as people are increasingly getting cautious and buying products that provide adequate protection in the new normal.”

Virasafe offers all-day protection from viruses and Germs due to the built in Silver Technology effective on a large range of microbes. The fabric finish is approved by USFDA, USEPA, and NSF making it an ideal choice in terms of safety. Raymond has launched an exhaustive range of over 600+ range of suiting and shirting fabrics priced from Rs.487 onwards available in all Raymond stores and leading multi brand outlets across the country.

About Raymond Limited

Raymond is India’s largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. Over the years, Raymond has been synonymous with quality, innovation and market leadership. It has some of the leading brands within its portfolio – Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Raymond Made to Measure amongst others. Raymond has one of the largest exclusive retail networks in the country with over 1500 stores across 601 towns.

Raymond also has presence in FMCG sector through Raymond Consumer care that offers wide range of products in men’s personal grooming category and personal hygiene. The group also has presence in engineering and auto components across national and international markets. In 2019, Raymond has also forayed into the realty sector through the launch of its maiden project ‘aspirational district’ spread across 14 acres housing 3000 residential units.

Having enjoyed the patronage of over a billion consumers, Raymond as a brand has been consistently delivering world class quality products to its consumers over the past nine decades.

Voot Select’s Marzi Earns Aahana Kumra ‘Best Actress’ at Nationals of Asian Academy Creative Awards

* Marzi is an intriguing crime thriller that explores two tales of a fateful date night. Starring Rajeev Khandelwal and Aahana Kumra, the series is a Voot Select original

* Aahana Kumra triumphed at the 3rd Asian Academy Creative Awards winning the national award for Best Actress In A Leading Role

A glittering award ceremony celebrating Asia Pacific’s leading cinematic performances, the Asian Academy Creative Awards through a virtual event, announced the list of national winners of its 3rd edition. Touted as the epitome of success for artists, this award is looked upon by fans across the continent and signifies artistic dominance. In a major coup across the leading categories of this gala, Aahana Kumra bagged the national award for ‘Best Actress In A Leading Role’ for her phenomenal performance in Voot Select’s Original series Marzi.

Ecstatic about her big win at the 2020 Asian Academy Creative Awards, Aahana Kumra said, “When I read the script of Marzi, I immediately knew it would emerge to be a game changer. The character of Sameera Chauhan will always be closest to my heart. This is a milestone win for me and it simply wouldn’t have been possible without the love from my fans and support from the entire cast and crew of Marzi. I would like to thank Rajeev for being a phenomenal co-star, Radhika Anand for penning this marvelous script, Anil Sir and of course Bodhi Tree Productions for bringing this fabulous concept to life. And last but not the least, a big thank you to Voot Select for giving me a fantastic platform to showcase my talent. I look forward to delivering more of such impactful performances and will continue to dedicate myself to each character that I bring alive on screen.”

Based on the novel 'Liar' which is written by the BAFTA and Emmy nominated Jack and Harry Williams, Voot Select’s original Marzi  is a crime thriller that follows a web of lies and betrayals through a date night which leaves everyone conflicted on who is speaking the truth. The series has a rating of 7.3 on IMDB and is an odyssey of the marvelous slate of originals available on Voot Select. Launched on 3rd March, the OTT platform has captivated viewers across all age groups with its diverse content lineup. Voot Select released six originals this year namely Asur, Marzi, Illegal, The Raikar Case, Crackdown and the shot and conceptualized in lockdown series - The Gone Game. Each show has garnered significant ratings from critics and praise from viewers leaving them eager to know the next original which is to be released on the platform. 

Aahana Kumra and Rajeev Khandelwal starrer Marzi can be streamed worldwide only on Voot Select.

How COVID 19 Impacted Breast Cancer Patients Across Indian Market?

* Women must not delay consultations or screenings due to the pandemic, caution experts

* Governments and healthcare providers must ensure serious diseases are not de-prioritized due to COVID 19

* Out of 13-15 lakh, total new cancers diagnosed in India every year, around 1 lakh are diagnosed in Karnataka alone

* Early diagnosis allows the use of prognostic tests such as CanAssist Breast and avoids over-treatment and chemotherapy in many cases

The COVID 19 pandemic and the subsequent de-prioritizing of other diseases have negatively impacted breast cancer care with new diagnoses being delayed and existing treatments interrupted. Oncologists are urging women not to delay reporting their symptoms or seeking breast cancer screening due to the fear of coronavirus infection.

As we observe Breast Cancer Awareness Month, Dr. Shekhar Patil, Medical Oncologist at HCG Bangalore, and Sri Shankara Hospital say that efforts are needed to educate patients, assure them of the safety of healthcare settings and ensure that serious diseases are not de-prioritized due to the ongoing pandemic.

“The Coronavirus outbreak particularly the lockdown and the subsequent months significantly impacted the detection of new breast cancer cases and also led to interruptions for people who were going under the treatment. New disease diagnoses have been evidently low in the six months since the lockdown. Many patients have delayed reporting their symptoms while many high-risk women have avoided crucial breast cancer screenings. It has been particularly tough for patients living in rural areas for whom traveling to nearby metros for consultation and treatment became extremely difficult. While we have managed to ensure that existing patients continue to get requisite care through virtual consultations, it is important that women do not delay visiting doctors out of the fear of a pandemic,” said Dr. Shekhar Patil.

Karnataka has a high burden of disease with breast cancer emerging as the most commonly found cancer in women in the state. The disease incidence has also markedly increased over the past two decades. Out of the 13-15 lakh total cases of cancers diagnosed in the country every year, around 1 lakh are from Karnataka alone. Out of this, 30% of patients are of breast cancer.

“Unfortunately, lack of awareness and regular screenings imply that most cancers are already diagnosed in later stages in India, resulting in low survival rates. Only 30% of breast cancer patients are currently diagnosed in stage 1 of the disease when treatment prognosis is good and chances of long-term survival are high. Since early diagnosis is the only way to save lives, it is important that people do not delay reporting their symptoms or seeking medical consultations for fear of catching the infection in healthcare settings. We urge women not to delay reporting of any abnormality or suspicious symptom,” added Dr. Patil. 

Interestingly, 80% of breast cancer cases can be cured, if detected in the earliest stage of the disease.

“Early detection can also allow us to use prognostic tests and personalize treatments for patients based on their risk profile. Prognostic tests such as CanAssist Breast help physicians to analyze cancer relapse risk in patients which serves to reduce over-treatment. Patients with very low relapse risk can avoid invasive treatments as well as chemotherapy, resulting in better health outcomes. Personalizing treatment based on the disease progression and risk

also significantly reduces the cost of treatment,” said Dr. Patil

Urban lifestyles, unhealthy diets, an increase in obesity, lack of physical activity, high incidence of smoking, and drinking are factors responsible for the surge in breast cancer incidence in India. Women over 40 years of age are advised regular clinical screening for breast cancer.

Over 60% of Breast Cancer Patients Still Diagnosed in Late Stages

* Breast cancer is today the most prevalent cancer in women in Karnataka surpassing cervical cancer

* Prognostic tests such as CanAssist Breast have helped reduce aggressive treatment and overtreatment in patients

* Smoking, obesity, unhealthy diet, hormone replacement therapy increase breast cancer risk

* Annual clinical screenings can increase early detection by 30%

Advanced treatment protocols and new age prognostic tests are helping breast cancer patients live longer with a better quality of life. However, over 60% of breast cancer cases in India are still diagnosed in late stages resulting in a large burden of preventable deaths.

As we observe Breast Cancer Awareness Month, Oncologists are underlining the need to increase early-stage diagnosis and make prognostic tests such as CanAssist Breast available to a larger number of patients. Doctors are also concerned by an alarming increase in disease incidence among women under 50 years of age.

“Diagnostic and treatment tools are highly advanced today and have given us the ability to save the lives of a majority of breast cancer patients. For example, prognostic tests such as CanAssist Breast can help early-stage patients identify their risk of disease relapse and avoid chemotherapy and over-treatment. Unfortunately, delayed diagnosis prevents a majority of patients from being able to access the benefits of such advanced prognostic tools. Over 60-70% of patients in India are still diagnosed in stages 3 and 4 when the disease has reached an advanced stage,” said Dr. Ashwin Rajagopal, Consultant, Surgical Oncology, Manipal Hospitals, Bengaluru.

While stage 3 is the stage of locally advanced cancer, by stage 4 the disease spread to other parts of the body and is impossible to cure.

Dr. Ashwin points to an alarming trend of an increasing surge of diseases among women under 50 years of age due to lifestyle changes including unhealthy diet, lack of physical activity, increasing incidence of smoking and drinking as well as delayed childbirths.

“Traditionally, breast cancer largely affected women above 55 years of age. However, this pattern has changed alarmingly over the past two decades. With lifestyle changes and urbanization, breast cancer is now afflicting an increasing number of women in their 40s. We see around 20 new patients of breast cancer every month in our hospital alone. The disease surge is particularly worrying in urban areas where unhealthy diet, sedentary lifestyles, smoking, and drinking are common. Higher age of childbirth and reduced breastfeeding are also contributory factors,” added Dr. Ashwin.

Early detection of breast cancer has many benefits. Patients diagnosed with stage 1 or 2 breast cancer can undergo breast-conserving surgery (BCS) rather than mastectomy, enabling them to save their breast. Another major benefit is the possibility of avoiding aggressive treatment and chemotherapy.

“Early stage breast cancer patients are recommended the use of prognostic tests to direct the use of chemotherapy. A recurrence prediction or prognostic test may help some women diagnose early-stage disease and enable their doctors to decide whether the cancer is likely to return and whether chemotherapy will benefit the patient. Based on these test results, low-risk patients have the opportunity to avoid chemotherapy, based on very small chances of the cancer returning. Indigenously developed CanAssist Breast is one such prognostic test that gives low or high-risk stratification with a high degree of accuracy. Avoiding chemotherapy and aggressive treatment not only improves the quality of life but also saves the cost of treatment,” pointed Dr. Ashwin.

Lack of awareness means that many women fail to report suspicious lymph because it is not painful. Similarly, the practice of annual disease screening is very low in India. Educating women about early detection and establishing the practice of annual screenings is the need of the hour. Regular annual screenings can help us detect at least 30% of the breast cancer cases in the early stages.

“We also urge women not to delay reporting their symptoms or avoid their screenings for fear of the coronavirus pandemic. After hitting their 40s, women should go for annual disease screening. Obesity, smoking, hormone replacement therapy after menopause also increase breast cancer risk,” added Dr. Ashwin.