L&T Infotech Gains After Profit Rises 37% In December Quarter

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Shares of global technology consulting and digital solutions company L&T Infotech (LTI) rose as much as 3.56 per cent to hit an intraday high of ₹ 4,239 on the BSE after the company reported its December quarter earnings post market hours on Tuesday. L&T Infotech’s net profit rose 37 per cent to ₹ 518.7 crore from ₹ 377 crore during the same period last year. Its revenue from operations advanced 12 per cent annually to ₹ 3,152.80 crore.

L&T Infotech’s revenue in dollar terms rose 5.8 per cent sequentially to $427.8 million, the company said in a press release.

“During the third quarter, a UAE-based leader in digital transformation has selected LTI as its partner of choice to provide infrastructure and application operations support and maintenance for its existing and new customers. As part of the deal, LTI will also partner with end customers on their journey to cloud and transform operations to bring in best-shoring and automation,” L&T Infotech said.

Among other contracts, a Global Fortune 500 energy company has chosen LTI as its primary partner for an application managed services agreement to create and consolidate a business-aligned IT services delivery platform across the organization and reduce total cost of ownership.

“We are pleased to deliver a strong quarter with 5.8% QoQ growth in USD revenues. This has been driven by healthy growth momentum across our portfolio. We continue to see strong demand for cloud-based IT solutions. Our tier 1 level partnership with the hyperscalers enables us to work closely on client outcomes and go-to-market opportunities,” Sanjay Jalona, chief executive officer & managing director at L&T Infotech said in a statement.

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As of 10:29 am, the L&T Infotech shares traded 1.84 per cent higher at ₹ 4,168, outperforming the Sensex which was up 0.4 per cent.