The tech services arm of infra giant L&T has called FY23 a landmark year as the company has reported a 22% growth in revenues and profits while recording its highest-ever EBIT margins.
For the quarter ended in March 2023, the company's revenues surged 19.4% to Rs 2,096 crores as Total Income grew to Rs 2,146 crores. Profits for the quarter improved 18% to Rs 311 crores from Rs 263 crores reported in the corresponding period last year.
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For the 12 months that ended in March 2023, revenues improved to Rs 8,014 crores, up 22%, as revenues from its Transportation vertical recorded the highest growth: 14.1% as it accounted for 34.5% of total revenues.
North America continued to be the company's largest market with a revenue contribution of 60.2%, but the same has declined on a sequential and yearly basis. Europe and India's contribution to the company's total revenues improved as revenues from RoW improved the most during the year.
Total expenses surged 19% as employee benefit expenses grew the most during the year, growing 23% annually. During the year, the company's EBIT improved by 23.2% as the company recorded its highest-ever EBIT margin of 18.5%.
Profit for the year came in at Rs 1,170 crores, growing 22.2% annually, with Net Margin improving to 14.6%.
The Board of the IT services company announced a dividend of Rs 30 per share for the year. At reporting time, the stock of LTTS was trading around Rs 3,622.05 per share, up 5%.
- Aman Agarwal