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L&T Infotech profit surges 36.2% to Rs 1,515.5 crore in FY19, revenue jumps 29%

L&T Infotech posted a 30.8 per cent yoy growth in its consolidated net profit at Rs 378.50 crore in Q4FY19; revenue climbed 24.2 per cent to Rs 2,486 crore during Q4FY19

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 2, 2019  | 22:20 IST
L&T Infotech profit surges 36.2% to Rs 1,515.5 crore in FY19, revenue jumps 29%
L&T Infotech board has recommended a final dividend of 15.50 per share for the financial year ended March 31, 2019

Larsen and Toubro Infotech, the software services arm of L&T group, concluded the financial year 2018-19 with 36.2 per cent growth in consolidated net profit at Rs 1,515.5 crore from Rs 1,112.4 crore in last fiscal.

"The consolidated revenue for the fiscal stood at Rs 9,445.8 crore, up 29.2 per cent, compared to Rs 73,065 crore in the previous year," L&T Infotech said in a filing to the Bombay Stock Exchange.

During the January-March quarter, the company posted a 30.8 per cent growth in its consolidated net profit at Rs 378.50 crore as against Rs 289.40 crore in the same quarter last year.

The company's revenue climbed 24.2 per cent to Rs 2,486 crore during Q4FY19 as compared with Rs 2,001.2 crore in Q4FY18, helped by robust growth in banking and financial services and insurance business.

Commenting on earnings number, L&T Infotech CEO & MD Sanjay Jalona said, "We are happy to deliver a strong 21 per cent YoY revenue growth in a rapidly changing industry environment. Our sharp focus on amplifying business outcomes for our clients is resonating well and enabling us to win consistently."

Also Read: Tata Power profit declines 6.5% to Rs 2,440.41 crore in FY19; Q4 net nosedives 92% to Rs 107.32 crore

"We are also pleased to announce two large deals in Q4 with cumulative net-new TCV in excess of US$100 million. We remain focused on building differentiated capabilities and helping our customers with their digital transformation," he added.

The company's board has recommended a final dividend of 15.50 per share of Rs 1 for the financial year ended March 31, 2019. Total dividend for FY19 was Rs 28 per equity share, including the interim dividend of Rs 12.5 per equity share declared in October 2018, it added.

In a separate development, the company's board has appointed Nachiket Deshpande, Chief Operating Officer of the Company, as a Whole-time director of the company for a period of five years with effect from May 2, 2019, till May 1, 2024, subject to shareholders approval at the ensuing Annual General Meeting of the company.

Larsen and Toubro Infotech shares closed at Rs 1,721.55 a piece, up 0.48 per cent, on the BSE on Thursday.

Edited by Chitranjan Kumar

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