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L&T Infotech’s net profit rises 19.3% to nearly ₹500 crores in Q1




L&T Infotech (LTI NSE -2.98%) reported a net profit of Rs 496.8 crore for the quarter ended June 30, an increase of 19.3% year-on-year.

Revenue increased 17.4% to Rs 3,462.5 crore over the three-month period.

In dollar terms, revenue increased 20.4% year-over-year and increased 5.1% sequentially to $ 470.2 million. In constant currency terms, revenues increased 17.8%.

“We are pleased to report our best first-quarter sequential growth of 5.1%, driven by overall growth across our verticals, service lines, customer pyramid, and geographies. Our strong portfolio of projects and our continued strong demand ensure future growth, “said Sanjay Jalona, ​​CEO and CEO of LTI.

The company added 2,300 new employees during the quarter, bringing the total workforce to 38,298.

Jalona said that LTI will hire around 4,500 newborns during the year compared to 3,000 last year, indicating higher demand in the vertical.

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

The job loss rate for the quarter was 15.2%, compared to 12.3% in the previous quarter.

News Source: EconomicTimes

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