New Delhi, Apr 26 (IANS): L&T Technology Services Limited on Wednesday reported 22 per cent revenue growth at Rs 8,014 crore for the FY23. The net profit for the fiscal year was Rs 1,170 crore, also a 22 per cent jump (on-year).

For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY, with a net profit of more than Rs 309 crore, a 18 per cent growth.

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

"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," said Amit Chadha, CEO and Managing Director, L&T Technology Services Ltd.

The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years, he added.

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.

The company currently has 22,233 employees.

LTTS's customer base includes 69 Fortune 500 companies and 57 of the world's top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries.

"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", said Chadha.