L&T Infotech soars after Q2 PAT rises 11% QoQ

Larsen & Toubro Infotech jumped 9.25% to Rs 6,453.15 after the IT company reported an 11.1% increase in consolidated net profit to Rs 551.7 crore on an 8.8% rise in revenue to Rs 3,767 crore in Q2 FY22 over Q1 FY22.

The IT firm's consolidated net profit jumped 20.8% while revenues increased 25.6% in Q2 FY22 over Q2 FY21. Profit before tax rose by 10.4% quarter on quarter and 21% year on year basis to Rs 742 crore in Q2 FY22.

The company's EBITDA margin rose to 19.5% in Q2 FY22 from 18.7% in Q1 FY22 but slipped from 22.9% posted in the same period last year.

In US dollar terms, the revenue stood at USD $509 million; registering a growth of 8.3% QoQ and 25.8% YoY. Constant Currency revenue growth stood at 8.9% QoQ and 25.5% YoY.

The company said it added new clients during the quarter ended Q2 FY22. The total client base now stands at 463 active clients. The firm's attrition rate was sharply higher at 19.6% in Q2 FY22 as compared to 15.2% in Q1 FY22 and 13.5% in Q2 FY21.

Sanjay Jalona, chief executive officer & MD of the company said, We are happy to report the strongest sequential revenue growth and best ever Q2 of 8.9% in constant currency terms. As we cross the $ 2 billion annual revenue run rate, we continue to remain committed to growth in the future. We are witnessing strong demand and are rapidly scaling up on the supply-side with our headcount up 31% year on year.

Meanwhile, the board of the company declared an interim dividend of Rs 15 per equity share. The record date for the dividend is 26 October 2021.

L&T Infotech is a global technology consulting and digital solutions company.

Powered by Capital Market - Live News