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L&T Infotech, a subsidiary of infrastructure giant L&T, reported its Q1 results for FY23 wherein the company beat all estimates as its profit surged by 28%.
Profit for the quarter ending in June 2022 surged 27.7% YoY from Rs 496.80 crores to Rs 634.40 crores this year, significantly higher than all estimated figures. Revenues for the quarter jumped 31% to reach Rs 4,522.80 crores this quarter.
The banking, financial services, and Insurance sectors were the greatest contributors to the company's revenue which grew 34% during the quarter.
Mindtree Q1 results are live, profits jump by 37%, read more.
EBIT margin was 16% for the quarter, marginally lower than the same in March 2022 quarter. Indian clients accounted for a measly 8.2% of the company's revenues while 68.1% of the same was from North America, followed by Europe at 15%. Revenues from both regions reported a growth of 25% and 17% respectively.
"We are pleased to report 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 (Total Contract Value) of USD 79 million," LTI Board member Sudhir Chaturvedi said.
The company is currently in the process of merging with another subsidiary of L&T, Mindtree, and is awaiting regulatory approval for the same. The results were announced after the market closed yesterday. Dalal Street has reacted positively to the news as the stock currently traded around Rs 3,960 per share, up 2.3%.
Article by Aman Agarwal.
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