L&T Infotech Q3 net profit rises to Rs 377 crore
BusinessToday.In January 15, 2020
Larsen and Toubro Infotech reported a marginal increase in its net profit for the quarter ended December 31, 2019. The IT company posted consolidated net profit of Rs 376.7 crore during the quarter under review, as opposed to Rs 375.5 crore registered in the corresponding quarter last year, L&T Infotech stated in a regulatory filing on Wednesday. This translates to 0.32 per cent increase in net profit on annual basis.
L&T Infotech's revenue in consolidated terms for the December quarter this year reached Rs 2,811.1 crore, as opposed to Rs 2,472.9 crore December quarter in the last fiscal, marking a 13.7 per cent year-on-year increase. Consolidated expenses for December quarter this year was reported at Rs 2,375.5 crore, as against Rs 2,001.5 crore. EBITDA margin reduced to 18.8 per cent during Q3 FY20, in comparison to 20.6 per cent in Q3 FY19.
"We are extremely pleased with the superior and broad-based performance across verticals and service offerings, which underscore the resilience of our diversified portfolio. Our strategy and investments for powering the breakaway enterprise is resonating well with our clients. We continue to win large deals across regions and have won two such engagements in Q3 with cumulative net-new TCV of more than $75 million," said Sanjay Jalona, Chief Executive Officer & Managing Director of L&T Infotech.
After the financial results for December quarter were declared, L&T Infotech stock was trading 63.65 points, or 3.39 per cent, higher at Rs 1,941.85.