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L&T Infotech FY20 profit marginally rises to Rs 1,520.5 crore, revenue climbs 15%

In Q4FY20, Larsen & Toubro Infotech reported a 12.9 per cent rise in net profit at Rs 427.5 crore compared to Rs 378.5 crore in the corresponding period last fiscal

Chitranjan Kumar New Delhi Last Updated: May 19, 2020 | 22:37 IST
L&T Infotech FY20 profit marginally rises to Rs 1,520.5 crore, revenue climbs 15%
The board of L&T Infotech has recommended a final dividend of Rs 15.50 per equity share of face value of Rs 1 each

Larsen & Toubro Infotech, IT services arm of L&T Group, has reported a marginal increase of 0.3 per cent in its net profit at Rs 1,520.5 crore for the full financial year ended March 31, 2020, as compared to Rs 1,515.5 crore in the previous fiscal.

The company, which acquired Mindtree last year, posted revenue of Rs 10,878.6 crore, up 15.2 per cent on year-on-year basis against Rs 9,445.8 crore in FY19.

For the fourth quarter ended March 31, 2020 (Q4 FY20), the IT firm reported a 12.9 per cent rise in net profit at Rs 427.5 crore compared to Rs 378.5 crore in the corresponding period last fiscal. Revenue grew by 21.2 per cent to Rs 3,011.9 crore in Q4 FY20, versus Rs 2,486 crore in the corresponding period last year.

In dollar terms, L&T Infotech's revenue stood at $409.9 million during Q4 FY20, registering a YoY growth of 15.9 per cent. In constant currency terms, revenue growth was at 17.4 per cent YoY.

Also Read: Bajaj Finance FY20 results: Profit jumps 32% to Rs 5,264 crore, NII up 42%

Commenting on the financial performance, Sanjay Jalona, CEO and MD, L&T Infotech, said, "Our resilient business model, comprehensive digital transformation capabilities and flawless execution helped us to deliver fourth consecutive year of industry leading double-digit revenue growth in FY20. We are also pleased to announce two large deals in Q4 with net-new TCV in excess of $100 million, culminating in a record 8 large deal wins for us in FY20."

"With strong order wins, healthy revenue momentum and client centric growth strategy, we shall confront near term demand challenges and emerge stronger," Jalona added.

L&T Infotech has deferred wage hikes for FY20, while it announced no pay cuts for its employees. The company's headcount stood at 31,437 as on March quarter compared to 28,169 in the same period last year.

Also Read: RIL to use 75% of Rs 53,000 crore rights issue to repay debt

The board of L&T Infotech at their meeting on Tuesday, recommended a final dividend of Rs 15.50 per equity share of face value of Rs 1 each, subjected to requisite approvals.

In a separate development, the company said it has approved the allotment of 55,960 equity shares of face value of Rs 1 each under the Employee Stock Option Scheme (ESOP) 2015 on May 19, 2020. Besides, the Nomination & Remuneration Committee of Board of the company approved grant of 8,100 options to the eligible employee under ESOP 2015 of the company.

Ahead of earnings announcement, share price of L&T Infotech closed 1.46 per cent higher at Rs 1,669.15 on the BSE, while the BSE Sensex ended 0.56 per cent higher at 30,196.

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