L&T Infotech shares fall 4%; Q1 net profit up 19.3%

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Shares of L&T Infotech fell nearly 4 percent on Friday after the firm reported its June quarter results. The firm reported a 19 percent jump in its net profit to Rs 496.8 crore in Q1 from Rs 416.60 crore in June 2020.

L&T Infotech shares fall 4%; Q1 net profit up 19.3%
Shares of L&T Infotech fell as much as 3.7 percent to its day's low of Rs 4,253.35 on the BSE on Friday after the firm reported its June quarter results.
The information technology solutions and services company reported a 19 percent jump in its net profit to Rs 496.8 crore in Q1 from Rs 416.60 crore in June 2020.
Revenue for the three months rose 17.4 percent to Rs 3,462.5 crore from Rs 2,949.20 crore in the year-ago quarter. In dollar terms, revenue was 20.4 percent higher year on year, and up 5.1 percent sequentially to $470.2 million. In constant currency terms, revenues were up 17.8 percent.
EBITDA came in at Rs 769.30 crore in June 2021 quarter, up 16.95 percent from Rs 657.80 crore in June 2020 quarter.
"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 future growth,” said Sanjay Jalona, CEO and managing director, LTI.
The company added a net 2,300 employees during the quarter, taking the total headcount to 38,298.

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