Larsen & Toubro Infotech (LTI), the multinational tech consulting and digital solutions subsidiary of Larsen & Toubro, on Thursday reported a 27.64 percent year-on-year (YoY) jump in net profit at Rs 634.4 crore for the first quarter which ended on June 30, 2022.
In the corresponding quarter last year, the company posted a net profit of Rs 496.3 crore. A CNBC-TV18 poll had predicted a profit of Rs 573 crore for the quarter under review.
The consolidated income from operations of LTI stood at Rs 4,523 crore in the first quarter, up 30.62 percent as against Rs 3,462.5 crore in the corresponding period of the previous fiscal.
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The banking, financial service and insurance sector was the biggest contributor to the company's revenue which grew by 34.12 percent to Rs 2,162.1 crore in June 2022 quarter from Rs 1,612 crore a year ago.
In dollar terms, L&T Infotech's revenue stood at $580.2 million in the June quarter, a quarterly rise of 1.7 percent. The constant currency revenue quarterly growth stood at 2.9 percent.
EBIT (earnings before interest and tax) margin stood at 16 percent in the June quarter compared with 17.3 percent reported in the March quarter.
Sudhir Chaturvedi, president of sales and executive board member said the company reported 26.6 percent YoY revenue growth in constant currency.
"We added 4 Global Fortune 500 logos to our client list in the first quarter, taking our total Global Fortune 500 customers to 77. We are also happy to announce 4 large deal wins during the quarter with net new TCV of $79 million," he added.
"Our healthy pipeline will ensure that we maintain our momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in the 2022-23 fiscal," Nachiket Deshpande, chief operating officer, and executive board member.
The results came after the close of the market hours. Shares of L&T Infotech ended at Rs 3,873.65, down by Rs 141.80, or 3.53 percent, on the Bombay Stock Exchange.
First Published: Jul 14, 2022 4:18 PM IST
