Leading IT service provider, L&T Infotech announced its second-quarter results with a 20.8% YoY increase in its consolidated net profit. The bottom line was reported to be Rs 551.7 crores at the end of the September 2021 quarter. On a QoQ basis, PAT grew by 11.1% from Rs 496.8 crore in the previous quarter.
Consolidated revenue, on the other hand, grew by 8.8% on a sequential basis and 25.6% YoY to amount to Rs. 3767 crores. In constant currency terms, the revenue grew by 8.9% QoQ and 25.5% YoY. The sharp incline in the revenue was attributed to recent deal wins and positive growth across all major verticals. L&T Infotech also crossed the $2 billion annual revenue run rate in the quarter under review.
EBITDA grew by 13.2% QoQ for the company to Rs 733.2 crore. The operating margins were reported at Rs 647.8 crore in the previous quarter.
While L&T Infotech’s stock fell by 3.71% to close at Rs. 5905.85 at Dalal Street ahead of its second-quarter financial report (18 October 2021), its prospects remain bright, considering several new orders. The company’s stock has gained a phenomenal 101% over the past 12 months.
In the last quarter, L & T InfoTech added a total of 25 new clients which put the company in the constant spotlight. The clients added were as follows –
The CEO and MD of L&T Infotech, Sanjay Jalona said that the company experienced the strongest sequential growth in its revenue in the September quarter. The Q2 revenue growth of 8.9% in constant currency terms has been the company’s best performance so far. Jalona also stated that the company is committed to long-term growth and is scaling up its workforce to meet the increasing demand.
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Research Analyst: Bavadharini KS