L&T Technology Services Achieves Record High Margins And 22% Revenue Growth In FY23

L&T Technology Services Limited, a prominent Indian company that specializes in engineering services, has released the results for the quarter ended on March 31, 2023.

In FY23, the company's revenue increased by 22% to reach Rs 8,014 crore, while its net profit also increased by 22% (year-on-year) to Rs 1,170 crore. During the fourth quarter of FY23, the company's revenue grew by 19% YoY, reaching Rs 2,096 crore, and it achieved a net profit of over Rs 309 crore, which represented an 18% growth.

LTTS secured a deal worth $40 million and three contracts with a total contract value (TCV) exceeding $10 million each during the quarter.

"FY23 was a landmark year for us as we crossed a billion dollars in revenue run rate and ₹1,000 crores in annual profits. Our EBIT margin was the highest ever at 18.5% 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% CAGR in profits over the last 5 years".

The company's profits have climbed at a compound annual growth rate (CAGR) of 18% over the last five years as a result of sustained growth and higher operating margin, he added.
As of the end of Q4 FY23, L&T Technology Services has a patent portfolio of 1,090, with 727 of them being co-authored with customers and the remaining filed by LTTS. The company currently employs 22,233 individuals.

LTTS has a diverse customer base that comprises 69 Fortune 500 enterprises and 57 leading ER&D companies globally. These companies operate across various sectors, such as industrial products, medical devices, transportation, telecom & hi-tech, and 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 Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.