Larsen & Toubro Infotech Q1 results: Profit rises 19.3% YoY to Rs 496.8 crore, misses estimates; declares dividend of Rs 10/share

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CNBC-TV18 Poll had predicted a profit of Rs 499 crore for the quarter under review.

Larsen & Toubro Infotech Q1 results: Profit rises 19.3% YoY to Rs 496.8 crore, misses estimates; declares dividend of Rs 10/share
IT services company Larsen & Toubro Infotech on Thursday reported a 19.3 percent jump in its net profit to Rs 496.8 crore for the quarter ended June 30, 2021.
In the corresponding quarter last year, the Mumbai-headquartered company posted a net profit of Rs 416 crore. CNBC-TV18 Poll had predicted a profit of Rs 499 crore for the quarter under review.
The Board of Directors at its meeting held on July 15, 2021, has recommended a special dividend of Rs 10 per equity share (Face value Rs 1) for the financial year 2021-22.
Sanjay Jalona, chief executive officer and managing director, said, "We are pleased to report our best ever Q1 sequential growth of 5.1% driven by holistic growth across our verticals, service lines, client pyramid and geographies. Our healthy pipeline and continued strong demand make us confident of our future growth."
"Over these past 5 years, we have delivered USD revenue CAGR of 13.5% and more than doubled our net profit. I am proud of how we continue to innovate and deliver year-on-year industry-leading growth. I am also excited as we strengthen our digital engineering capabilities welcoming Cuelogic Technologies to the LTI family," he said.
The results came after the close of the market hours. Shares of Larsen & Toubro Infotech ended at Rs 4,417.30, up by Rs 196.65, or 4.66 percent on the BSE.

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