L&T Infotech Q2FY23 Results: IT company's net profit up 23% YoY to Rs 680 cr

IT company Larsen and Toubro Infotech on Saturday posted an about 23 per cent increase in its consolidated net profit at Rs 679.8 crore for the quarter ended September 2022.

The company had registered a net profit of Rs 551.7 crore in the same period a year ago.

The consolidated revenue from operations of Larsen and Toubro Infotech (LTI) grew by 28.39 per cent to Rs 4,836.7 crore during the reported quarter from Rs 3,767 crore in the year-ago period.

"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," LTI President - Sales and Executive Board Member, Sudhir Chaturvedi said in a statement.

The company is in the process of amalgamating Mindtree with itself, which was approved by its shareholders and unsecured creditors on August 10.

LTI in its filing shared that the National Company Law Tribunal, Mumbai bench approved the merger on September 19, while NCLT Bengaluru has reserved its order on the same.

The merger will get completed after LTI submits certified copies of both the NCLT benches' orders before the Registrar of Companies.

"We are happy to be on the last leg of the approval process for the LTI Mindtree merger and are most likely to combine forces by the end of this calendar year.

"The merged company will bring together complimentary portfolios and a large customer base creating extraordinary value for all stakeholders," LTI Chief Operating Officer and Executive Board Member, Nachiket Deshpande said.

In an all-share deal, L&T Infotech has offered 73 shares for every 100 shares of Mindtree.

The merger is expected to create an IT services provider, 'LTIMindtree', with combined revenue of over USD 3.5 billion.