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L&T Infotech Q1 results: Firm’s profit rises by 19.3% to Rs 4977 crore

L&T Infotech () reported a net profit of Rs 496.8 crore for the quarter ended June 30, up 19.3% on-year.

Revenue for the three-month period rose 17.4% to Rs 3,462.5 crore.

In dollar terms, revenue was 20.4% higher year on year, and up 5.1% sequentially to $470.2 million. In constant currency terms, revenues were up 17.8%.

“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 total headcount to 38,298.

Jalona said LTI will hire about 4,500 freshers during the year, compared to 3,000 last year, pointing to increased demand across verticals.

The new recruits will primarily be based in India, where 85% of LTI’s employees are located.

The attrition rate for the quarter was 15.2% compared to 12.3% in the previous quarter.

“Q1 also marks the 5-year anniversary of LTI’s IPO, and our Board has declared a special dividend to commemorate this occasion. Over these past 5 years, we have delivered US dollar revenue CAGR of 13.5% and more than doubled our net profit,” Jalona said.

The company signed on 23 new clients during the quarter, including one in the over $50-million category.

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