L&T Technology Services reported a 2.3% growth in its revenue for the last quarter of FY23. The March quarter revenue was Rs 2,096 crore, against revenue of Rs 2,048 crore in December quarter of FY23. The Baroda based company also reported a net profit of Rs 309 crore for the same period, a growth of 2.0% quarter-on-quarter, compared to Rs 303 crore in December quarter.

For the full year, LTTS posted a revenue of Rs 8,013 crore, a growth of 22%, from Rs 6,569 crore in FY22. Net profit for FY23 was Rs 1,169 crore for FY23, an increase of 22.2% year-on-year, compared to Rs 957 crore in FY22. Earnings before interests and taxes (Ebit) was Rs 1,479 crore for FY23. The Ebit margin was at 18.5 % for FY23.

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Amit Chadha, CEO and MD, LTTS, said, “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. Across our segments, we find that the top priorities for customers are innovation leveraging advanced technologies, energy transition and supply chain resilience. These priorities dovetail well with our big bets strategy and enable us to engage in larger deal conversations. Our own innovation engine is firing in tandem with a record 222 patent filings in FY23 taking the total to 1,090.”

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Chadha said, “We closed the acquisition of Smart World and Communication (SWC) on April 1, 2023, and have made good progress in creating a pipeline of opportunities leveraging the joint capabilities. Till date we have won 3 deals internationally across Next Gen Communications, Transportation and Industrial Products.”

During the March quarter, LTTS won a $40-million deal and three $10-million plus TCV (Total Contract Value) deals. LTTS’ employee headcount stood at 22,233 as of March 31, 2023.

The firm’s board of directors have recommended a final dividend of `30 per equity share for FY23 that is subject to the approval of the shareholders at the eleventh annual general meeting.