L&T Infotech Q1 results: Net profit rises 27.6 per cent to Rs 633 crore

IT company Larsen and Toubro Infotech on Thursday posted a 27.6 per cent increase in consolidated net profit at Rs 633.5 crore in the first quarter ended June 30, 2022.

It had registered a profit of Rs 496.3 crore in the same period a year ago, the company said in a regulatory filing.

"We are pleased to report 26.6 per cent 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," L&T Infotech president sales and executive board member Sudhir Chaturvedi said.

The consolidated income from operations of Larsen and Toubro Infotech (LTI) increased by 30.62 per cent to Rs 4,522.8 crore during the reported quarter from Rs 3,462.5 crore in the June quarter last year.

"Our healthy pipeline will ensure that we maintain our large deal momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in the financial year 2023," LTI chief operating officer and executive board member Nachiket Deshpande said.

Banking, financial service and insurance sector was the biggest contributor to the company's revenue which grew by 34.12 per cent to Rs 2,162.1 crore in June 2022 quarter from Rs 1,612 crore a year ago.