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IT services arm of infrastructure giant L&T, L&T Infotech has reported a 23% YoY surge in profits
Consolidated revenues of the company grew 28.4% to Rs 4,836.7 crores for the quarter that ended in September 2022. Total expenses reciprocated the surge in revenues as expenses rose 29% to Rs 4,074.70 crores during the quarter against Rs 3,136.20 crores recorded during the corresponding quarter last year.
Profit for the quarter came in at Rs 679.80 crores, 23% higher than Rs 551.70 crores, which was the profit figure reported last year. As such, the company's EPS jumped 23% to Rs 38.75 per share.
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Their margins saw a 10bps improvement as the margin for the quarter was 16.2%. EBIT for the quarter under review was Rs 780.9 crores, 7.8% higher annually for the quarter under review.
“We are happy to report 21.6% YoY revenue growth in constant currency. We remain excited about the proactive conversations we are having with our customers and see increased traction in the cloud and analytics space. The strength of our pipeline and our sustained net headcount addition will continue to fuel our growth," said Sudhir Chaturvedi, President of Sales & Executive Board Member at LTI.
The company is reportedly seeing increased traction in the cloud and analytics space. They have a strong pipeline and the constant addition to their headcount is expected to assist the company's growth.
LTI is currently in the process of merging with another IT Services subsidiary of L&T: Mindtree. The announcement for the same was in early May. The company has announced that the NCLT Mumbai bench has approved the merger and that the merger was in the "last leg of the approval process".
The merger will bring together the entire IT Services segment of L&T under one head, create the fifth largest IT Services company in India, and 'create extraordinary value for all stakeholders'.
The stock of L&T Infotech closed at Rs 4,813.55 per share on Tuesday.
Article by Aman Agarwal.
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