L&T Infotech bullish about Q2, to hire 100 business relationship managers this year

L&T Infotech recently opened a new centre in Kolkata, which will start operations with 300 employees, with plans to support 600 via the hybrid arrangement.

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Bullish about near future

He said that the company was bullish about the July-September quarter. "First, we have had good growth, momentum built up through volume build-up. Second, not only are our top 20 accounts growing, but our top 50 accounts and the accounts beyond those are also growing."

Chaturvedi listed eight large deals in the past two quarters as the third factor that would support growth in the September quarter. "The European market grew 31 percent for us year-on-year, and that's continuing to be resilient despite the situation."

Looking ahead

Chaturvedi said with 77 Fortune 500 clients, L&T Infotech should be able to stand up to macroeconomic setbacks. 

"We expect that that will stand us in good stead even in 2024 where perhaps we will start to see some slowdown in spending, but the recent US job numbers are very promising, even the oil prices in the US, the gas prices at the gas stations have come down," Chaturvedi said, hoping the inflationary cycle would come under control sooner rather than later.

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The infotech arm of Larsen & Toubro reported a 27.64 percent year-on-year increase in net profit at Rs 634.4 crore for the April-June quarter on July 14. The consolidated income from operations stood at Rs 4,523 crore in the first quarter, up 30.62 percent against Rs 3,462.5 crore in the same period of the previous financial year.

On June quarter earnings, Chaturvedi said he believed the company did "very well" from an operating leverage perspective.

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