Larsen & Toubro Infotech reported a 27.7 per cent rise in profit (y-o-y) to ₹634 crore in the first quarter of FY23 compared to ₹496 crore reported in the year-ago period. Sequentially, the profit was flat, showing a mild decline of 0.5 per cent from ₹637 crore in Q4 FY22.
Revenue from operations rose 30.6 per cent y-o-y to ₹4,522 crore (₹3,642.5 crore). Sequentially, there was a 5 per cent rise in revenue.
The company won deals such as being selected by a Global Fortune 500 energy company for management and implementation of a safety program across their operations, during the quarter. The company’s deal roster included deals with Global Fortune 500 companies in energy, food services and technology, as well as a deal with a global organisation present in over 130 countries involved with protecting human rights to transform their data management. LTI was also selected to set up an automated and integrated governance, risk and compliance (eGRC) solution for one of the largest Smart Cities coming up in the Middle Eastern region.
Sudhir Chaturvedi, President Sales & Executive Board Member, noted, “We are pleased to report 26.6 per cent y-o-y revenue growth in constant currency. We added four Global Fortune 500 logos to our client list in Q1, taking our total Global Fortune 500 customers to 77. We are also happy to announce four large deal wins during the quarter with net new total contract value (TCV) of $ 79 million.”
Nachiket Deshpande, COO and Executive Board Member, 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.”
Attrition rose to 23.8 per cent y-o-y in Q1 versus 15.2 per cent in the year-ago period. The total employee head count as of the June quarter stands at 48,766. Sequentially as well, the company is not seeing much decline in its attrition rates (24 per cent in Q4 FY22).
Published on
July 14, 2022
