L&T Infotech’s net profit slips 6.1 pc q-o-q to Rs 356 crore

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Mumbai (Maharashtra) [India], : Larsen & Toubro Infotech (LTI) has reported net profit of Rs 355.7 crore in April to June quarter, down by 6.1 per cent on a quarter-on-quarter basis and 1.5 per cent on year-on-year.
Dollar revenue stood at 356.5 million, marking a growth of 0.8 per cent quarter-on-quarter and 11.5 per cent year-on-year. In terms of Indian currency, the revenue came at Rs 2,484.9 crore with growth flat quarter-on-quarter and 15.3 per cent year-on-year.
“We delivered 12.9 per cent year-on-year revenue growth in constant currency driven by digital services that now make up 39 per cent of our revenues,” said Chief Executive Officer and Managing Director Sanjay Jalona.
“We also won a large deal by opening a new client logo in insurance vertical with net-new total contract value of 44 million dollars. We are also pleased to welcome Lymbyc to LTI family. Lymbyc is a specialist AI, machine learning, and advanced analytics company. The acquisition further strengthens LTI’s Mosaic platform and our fast-growing digital and analytics offerings,” he said in a statement.
During the quarter ended June 30, 19,042 equity shares of Re 1 each fully paid up were allotted on exercise of stock options by employees in accordance with the company’s scheme.