LTI Q3 net profit rises to Rs 376.7 crore

IT company L&T Infotech (LTI) on Wednesday reported marginal increase in consolidated net profit to Rs 376.7 crore for the quarter ended December 2019.

This is against a net profit of Rs 375.5 crore in the same period a year ago, LTI said in a statement.

Its revenue grew 13.7 per cent to Rs 2,811.1 crore in the reported quarter from Rs 2,472.9 crore in the year-ago period, it added.

Sequentially, the net profit was up 4.6 per cent, while the topline rose 9.4 per cent.

"Our outstanding quarter-on-quarter growth of 8.4 per cent in Q3 (third quarter) is a result of on-track ramp-up of large engagements we announced earlier," LTI CEO and Managing Director Sanjay Jalona said.

He added that the company's "superior and broad-based performance" across verticals and service offerings underscores the resilience of its diversified portfolio.

"We continue to win large deals across regions and have won two such engagements in Q3 with cumulative net-new TCV (total contract value) of more than USD 75 million," Jalona said.

Shares of LTI closed at Rs 1,940.25 apiece, up 3.3 per cent from the previous close on the BSE.

LTI said its digital revenues accounted for 41 per cent of its overall revenues.

The company's revenue in US dollar terms grew 13.7 per cent year-on-year to USD 394.4 million.

Its total headcount stood at 31,419 people at the end of the September 2019 quarter, while attrition was at 17.7 per cent.