Share price of Larsen & Toubro Infotech, IT services arm of L&T Group rose in trade today after the firm reported a 12.9 per cent rise in net profit for the quarter ended March 2020. Larsen & Toubro Infotech stock opened with a gain of 2.56% at Rs 1,711 compared to the previous close of Rs 1,669 on BSE. L&T Infotech stock touched an intraday high of Rs 1,832 , a gain of 9.76% compared to earlier close.
L&T Infotech share has gained 2.54% during last one year and risen 3.16% since the beginning of this year. L&T Infotech share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Net profit came at Rs 427.5 crore in Q4 compared to Rs 378.5 crore in the corresponding period of 2018-19.
Revenue climbed 21.2 per cent to Rs 3,011.9 crore in Q4 FY20 against Rs 2,486 crore in the corresponding period last year.
For FY 21, L&T Infotech reported a marginal increase of 0.3 per cent in its net profit at Rs 1,520.5 crore compared to Rs 1,515.5 crore in the previous fiscal.
Revenue rose 15.2 per cent to Rs 10,878.6 crore in FY20 against Rs 9,445.8 crore in FY19.
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.
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."