Engineering firm L&T Technology Services reports net profit 309.6 crore in the fourth quarter of FY2023. The company saw an increase of nearly 18% in net profit year-on-year. The revenue also saw a growth of 19% and reached 2096.2 crore during the quarter. Transportation, which is the largest segment and accounts for 34.5% of total revenue, experienced a remarkable growth of 23.9% during Q4.
For the financial year 2023, the company sees a growth of around 22% in both net profit and revenue. revenue of L&T Tech touched 8,014 crore, while the net profit for the year was 1,170 crores.
L&T Technologies to offer final dividend 30 per share as recommended by the Board of the Company.
“FY23 was a landmark year for us as we crossed one billion dollars in revenue run rate 1,000 crore in annual profits. Our EBIT margin was the highest ever at 18.5%, driven by a strong focus on building a strong and sustainable operating model. A combination of steady growth and rising operating margin has led to an 18% CAGR in profits over the last 5 years, L&T Tech said in a release.
The company also released details regarding allotment of shares to those exercising their vested stock options under the Company’s Employee Stock Option Plan, 2016.
“We wish to inform you that the Company has allotted 16,550 Equity Shares of face value of Rs. 2/- each on April 26, 2023, to the grantees who have exercised their vested stock under the Company’s Employee Stock Option Scheme, 2016 had exercised the options. The said shares shall rank parallel with the existing shares of the company in all respects.” L&T Tech announced in a separate statement.
The company, which provides engineering services to the transportation and industrial products industries, reported winning three contracts totaling more than $10 million during the last quarter. One of these contracts, announced in February, involves partnering with French technology company Thales to develop a private 5G network for urban railways. Another contract announced months ago involves it becoming a strategic partner for aircraft maker Airbus for several years.
Read more, Bajaj Finance achieves 30.5% YoY growth in Q4 consolidated PAT 3,158 crore, NII up 28%
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