L&T Tech announces 1,500% dividend - check details

L&T Technology Services (LTTS) on April 26, 2023, announced a final dividend of Rs 30 of the face value of Rs 2 (1500 per cent) for fiscal 2022-23 along with the release of March quarter numbers. For the March quarter (Q4FY23), revenue stood at Rs 2,096.2 crore, up 19 per cent year-on-year (YoY) while revenue in constant currency terms grew 12 per cent YoY to $255.1 million. EBIT margin stood at 18.7 per cent while net profit during the quarter grew 18 per cent YoY to Rs 309.6 crore.

“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. The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years," said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

During the quarter, LTTS won a $40 million deal and three $10 million plus TCV deals. 

Highlights for FY23 include: 

• Revenue at Rs 80,136 million; growth of 22 per cent 
• USD Revenue at $990 million; growth of 16 per cent in constant currency 
• EBIT margin at 18.5%, a record high for LTTS 
• Net profit at Rs 1,698 million; growth of 22 per cent 
• Final dividend of Rs 30 per share recommended by the Board 

Patents
At the end of Q4FY23, 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.

Human Resources
At the end of Q4FY23, LTTS’ employee strength stood at 22,233.