L&T Infotech Q1 net profit rises 27.7 per cent to Rs 634 crore

Mumbai (Maharashtra) [India], July 14 (ANI): IT firm L&T Infotech on Thursday reported a net profit of Rs 634.40 crore for the first quarter of the current financial year as compared to Rs 496.80 crore recorded in the corresponding period of the last year, registering a year-on-year growth of 27.7 per cent.
The company's revenue from operation surged by 30.6 per cent year-on-year to Rs 4,522.8 crore for the quarter ended June 30.
On a quarter-on-quarter basis, the company's revenue rose by 5.1 per cent. However, L&T Infotech's net profit during the April-June 2022 quarter was 0.5 per cent down when compared with the previous quarter.
In US dollar terms, L&T Infotech's revenue jumped by 23.4 per cent to $580.2 million.
The company recorded Constant Currency Revenue growth of 26.6 per cent year-on-year during the quarter under review. On a quarter-on-quarter basis, the company posted a growth of 2.9 per cent.
"We are pleased to report 26.6 per cent YoY revenue growth in constant currency. We added 4 Global Fortune 500 logos to our client list in Q1, taking our total Global Fortune 500 customers to 77," Sudhir Chaturvedi, President Sales & Executive Board Member, L&T Infotech, said in a statement.
"We are also happy to announce 4 large deal wins during the quarter with net new TCV of US$ 79 million," Chaturvedi said.
Reacting to the Q1 results, L&T Infotech's Chief Operating Officer and Executive Board Member Nachiket Deshpande said, "Our healthy pipeline will ensure that we maintain our large deal momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in FY23." (ANI)