As compared to Q4 FY22, the company's net profit and revenue surged by 18.2% and 19.4%, respectively.

Profit before tax was at Rs 431.90 crore in quarter ended 31 March 2023 (down 3.07% quarter on quarter (QoQ) and up 20.4% year on year (YoY)).

EBITDA rose 1.8% QoQ and 18.1% YoY to Rs 449.2 crore in Q4 FY23. EBITDA margin stood at 21.4% as in Q4 FY23 as against 21.5% in Q3 FY23 and 21.7% in Q4 FY22. EBIT margin remained unchanged at 18.7% in Q4 FY23 as compared to Q3 FY23 whereas, in Q4 FY22, EBIT margin stood at 18.6%.

In dollar terms, the company's revenue stood at $255.1 million for the quarter, registering a growth of 2.8% QoQ and 9.9% YoY. In constant currency, the the firm reported 2.2% QoQ and 12.1% increase on YoY basis.

During the quarter, LTTS won a $40 million deal and three $10 million plus total contract value (TCV) deals.

At the end of Q4 FY23, 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.

LTTS' employee strength stood at 22,233 at the end of Q4 FY23. Voluntary Attrition last twelve months (LTM) was 22.2 % in Q4 FY23 as against 23.3% in Q3 FY23 and 20.4% in Q4 FY22.

On full year basis, the company's net profit rose 22.2% to Rs 1,169.80 crore on 22% increase in net sales to Rs 8,013.60 crore in FY23 over FY22.

Amit Chadha, CEO & managing director, L&T Technology Service, 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. 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.

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.

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.”

Meanwhile, the company's board has recommended a final dividend of Rs 30 per equity share for FY23, subject to shareholders approval. The dividend, if approved, will be paid/dispatched within 30 days from the conclusion of the annual general meeting of the company. The record date for the purpose of final dividend shall be intimated later, it added.

Further, the board, based on recommendation of the Nomination & Remuneration Committee, has approved the appointment of Alind Saxena as a whole-time director of the company for a term of three years with effect from 26 April 26 2023 till 25 April 2026, subject to the approval of the shareholders.

LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.