L&T Technology Services logs 22% growth in revenue, net profit in FY23
Apr 26, 2023, 18:34 IST
- L&T Technology Services Limited on Wednesday reported 22 per cent revenue growth.
- For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY.
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New Delhi, L&T Technology Services Limited on Wednesday reported 22 per cent revenue growth at Rs 8,014 crore for the FY23. The net profit for the fiscal year was Rs 1,170 crore, also a 22 per cent jump (on-year).For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY, with a net profit of more than Rs 309 crore, a 18 per cent growth.
During the quarter, LTTS won a $40 million deal and three $10 million plus total contract value (TCV) deals.
"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," said Amit Chadha, CEO and Managing Director, L&T Technology Services Ltd.
The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years, he added.
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The company currently has 22,233 employees.
LTTS's customer base includes 69 Fortune 500 companies and 57 of the world's top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries.
"We are optimistic about the future and look for another year of strong growth as we partner with the top ER&D companies globally in developing next generation products", said Chadha.
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