L&T Infotech drops after Q1 PAT skids 9% QoQ to Rs 497 cr

Larsen & Toubro Infotech (LTI) declined 2.97% to Rs 4,285.90 after the IT firm reported a 8.96% fall in consolidated net profit to Rs 496.80 crore in Q1 June 2021 (Q1 FY22) as against Rs 545.70 crore in Q4 March 2021 (Q4 FY21).

Consolidated revenues grew 5.91% to Rs 3,462.50 crore in Q1 June 2021 compared with Rs 3,269.40 crore in Q4 March 2021. Profit before tax slipped 6.23% to Rs 672.10 crore in Q1 FY22 as against Rs 716.80 crore in Q4 FY21. The Q1 result was declared after trading hours yesterday, 15 July 2021.

The company's consolidated net profit jumped 19.3% while revenues increased 17.4% in Q1 June 2021 over Q1 June 2020.

In US dollar terms, the revenue stood at $470.20 million; registering a growth of 5.1% Q-o-Q (quarter-on-quarter) and 20.4% Y-o-Y (year-on-year). The constant currency revenue growth was at 4.8% Q-o-Q and 17.8% Y-o-Y.

Commenting on the same, Sanjay Jalona, the chief executive officer (CEO) and managing director (MD) of LTI, said: "We are pleased to report our best ever Q1 sequential growth of 5.1% driven by holistic growth across our verticals, service lines, client pyramid and geographies. Our healthy pipeline and continued strong demand makes us confident of our future growth. Q1 also marks the 5-year anniversary of LTI's IPO and our board has declared a special dividend to commemorate this occasion. Over these past 5 years, we have delivered USD revenue CAGR of 13.5% and more than doubled our net profit. I am proud of how we continue to innovate and deliver year-on-year industry leading growth. I am also excited as we strengthen our digital engineering capabilities welcoming Cuelogic Technologies to the LTI family."

The board has also declared a special dividend for FY 2021-22, of Rs 10 per equity share of face value of Re 1 each fully paid-up. The record date is fixed on Monday, 2 August 2021.

LTI is a global technology consulting and digital solutions company.

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