L&T Infotech's Q3 profit jumps 13.6% at Rs 519.3 crore

Larsen & Turbo Infotech on Tuesday reported a 13.6 per cent quarter-on-quarter rise in consolidated profit at Rs 519.3 crore for the quarter ended December 31, 2020. The company has reported a net profit of Rs 456.8 crore in the previous quarter ended September 30, 2021.

The IT arm of engineering major L&T's revenue from operations grew 5.1 per cent QoQ to Rs 3152.8 crore compared to Rs 2998.4 crore posted in the previous quarter.

Dollar revenue grew by 5.8 per cent to $ 42.78 crore against $ 40.43 crore. EBIT grew by 9.2 per cent and stood at Rs 650.2 crore against Rs 595.6 crore posted in September quarter. The EBIT margin advanced to 20.6 per cent in Q3FY21 from 19.9 per cent posted in Q2FY21.

Sanjay Jalona, Chief Executive Officer & Managing Director, said, "We are pleased to deliver a strong quarter with 5.8% QoQ growth in USD revenues. This has been driven by healthy growth momentum across our portfolio. We continue to see strong demand for cloud-based IT solutions. Our tier 1 level partnership with the hyperscalers enables us to work closely on client outcomes and go-to-market opportunities. He added, "We are happy to announce two large deals with cumulative net new TCV of USD 278 million. We remain focused on building and scaling differentiated capabilities. A healthy deal pipeline and sustained client mining make us optimistic about the future."

The company is targeting to maintain the net income margin number between 14-15 per cent and will be investing accordingly into the business because it wants to be seen as a growth company, Jalona said.

Jalona said he is happy with the deal pipeline and the conversations with clients are centred around digital transformation and workforce modernisation contracts.

Larsen & Turbo Infotech is a global technology consulting and digital solutions Company helping more than 400 clients succeed in a converging world. It has operations in 31 countries.