LTI Q4 net profit up 12.9% to Rs 427.5 cr

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IT company L&T Infotech on Tuesday reported a 12.9 per cent growth in consolidated net profit to Rs 427.5 crore for the January-March 2020 quarter.
a 12.9 per cent growth in consolidated net profit to Rs 427.5 crore

New Delhi, May 19 (PTI) IT company L&T Infotech on Tuesday reported a 12.9 per cent growth in consolidated net profit to Rs 427.5 crore for the January-March 2020 quarter.

This is against a net profit of Rs 378.5 crore in the same period a year ago, the company said in a statement.

Its revenue was up 21.2 per cent to Rs 3,011.9 crore in the reported quarter from Rs 2,486 crore in the year-ago period, L&T Infotech (LTI)added.

Seen sequentially, the net profit was up 13.5 per cent, while the topline rose 7.1 per cent.

“We are extremely proud of the strong work ethic of LTItes who rose to the challenge of an unparalleled global pandemic, exceeding client expectations and earning their trust. Our resilient business model, comprehensive digital transformation capabilities and flawless execution helped us to deliver fourth consecutive year of industry leading double-digit revenue growth in FY20,” LTI CEO and Managing Director Sanjay Jalona said.

He added that the company bagged two large deals in the March quarter with net-new TCV (total contract value) in excess of USD 100 million, culminating in a record 8 large deal wins for the company in FY2020.

“With strong order wins, healthy revenue momentum and client centric growth strategy, we shall confront near term demand challenges and emerge stronger,” he said.

The Board of Directors recommended a final dividend of Rs 15.50 per equity share subject to approval of the shareholders of the company.

The company’s revenue in US dollar terms grew 15.9 per cent year-on-year to USD 409.9 million. In constant currency basis, it was higher by 17.4 per cent.

For the full fiscal, revenue grew 15.2 per cent to Rs 10,878.6 crore, while net profit was higher by 0.3 per cent at Rs 1520.5 crore in FY2019-20 from previous financial year.

Source: PTI

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