L&T Technology Services Net Profit Climbs 18%, Q4 Revenue Up 19%

L&T Technology Services (LTTS) on Wednesday reported its Q4 FY23 revenue at Rs 2096.2 crore, registering a growth of 19 per cent year-over-year (YoY). The numbers beat the estimates by analysts.

The company’s net profit for the quarter ended 31 March, 2023 was recorded at Rs 309.6 crore, up by 18 per cent YoY.

During the quarter, LTTS won a USD 40 million deal and three USD 10 million plus TCV deals.

For FY23, the company registered revenue to the tune of Rs 8013.6 crore, up by 22 per cent and its EBIT margin was at 18.5 per cent. Net profit for the FY23 was Rs 11,698, a growth of 22 per cent in comparison to FY22.

The LTTS Board declared the final dividend of Rs 30 per share.

“FY23 was a landmark year for us as we crossed a billion dollars in revenue run rate and Rs 1,000 crore in annual profits. Our EBIT margin was the highest ever at 18.5 per cent driven by a strong focus on building a robust and sustainable operating model. The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

At the end of Q4FY23, the patents portfolio of L&T Technology Services stood at 1,090 out of which 727 are co-authored with its customers and the rest are filed by LTTS.

During the quarter ended 31 March, 2023, LTTS’ headcount stood at 22,233. The company said it expects to hire 1,500-2,000 freshers in FY 2024.

LTTS’ attrition stood at 22.1 per cent during the quarter, down from 23.3 per cent in the last quarter.