Larsen & Toubro Infotech reports 7% sequential rise in Q2 PAT

Larsen & Toubro Infotech (LTI) recorded 7.2% rise in net profit to Rs 679.8 crore on a 6.9% increase in revenue to Rs 4,836.7 crore in Q2 FY23 over Q1 FY23.

EBITDA improved by 9.7% to Rs 911.7 crore in the second quarter as compared with the same period last year. EBITDA margin was 18.8% in Q2 FY23 as against 18.4% in Q1 FY23.

As compared with Q2 FY22, the company's net profit and revenue has increased by 23.2% and 28.4%, respectively.

In dollar terms, the company recorded revenues of $601 million, registering a growth of 3.6% QoQ and 18.1% YoY. Revenue growth, in constant currency terms, was 4.6% QoQ and 21.6% YoY.

The company said it added 22 new clients during the quarter ended 30 September 2022. The total client base currently stood at 500 active clients.

Total Headcount in Q2 FY23 was 50,981. The firm's attrition rate at 24.3% in Q2 FY23 as against 23.8% in Q1 FY23 and 19.6% in Q2 FY22.

Sudhir Chaturvedi, president sales & executive board member, said: We are happy to report 21.6% YoY revenue growth in constant currency. 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.

Nachiket Deshpande, chief operating officer & executive board member, added: 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.

Larsen & Toubro Infotech is a global technology consulting and digital solutions company, having operations in 33 countries.

The scrip fell 1.69% to currently trade at Rs 4592 on the BSE.

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