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Larsen & Toubro Infotech, a global technology consulting and digital solutions company, announced its Q2 FY23 results today. The firm reported a total net profit of ₹679.8 crore for the quarter that ended September 2022, climbing over 23% YoY from ₹551.70 Cr recorded in the same quarter last year.
The consolidated revenue from operations of Larsen and Toubro Infotech (LTI) grew by 28.39 per cent to ₹4,836.7 crore during the reported quarter from ₹3,767 crore in the year-ago period. In Q2FY23 the company’s total expenses reached ₹4074.70 Cr compared to ₹3136.20 Cr recorded in the same quarter last year which logs in YoY growth of 29%. The company reported profit before tax (PBT) of ₹901.30 Cr in Q2FY23 compared to ₹742 Cr recorded in the year-ago quarter which results in YoY growth of 21%. The company’s earnings per share (EPS) jumps to ₹38.75 in Q2FY23 from ₹31.50 recorded in the same quarter last year.
“We are happy to report 21.6% YoY revenue growth in constant currency. We remain excited about the proactive conversations we are having with our customers and see increased traction in the cloud and analytics space. The strength of our pipeline and our sustained net headcount addition will continue to fuel our growth,” said Sudhir Chaturvedi, President Sales & Executive Board Member.
“We are happy to be on the last leg of the approval process for the LTI Mindtree merger and are most likely to combine forces by the end of this calendar year. The merged company will bring together complimentary portfolios and a large customer base creating extraordinary value for all stakeholders,” said Nachiket Deshpande, Chief Operating Officer & Executive Board Member.
“We remain excited about the proactive conversations we are having with our customers and see increased traction in the cloud and analytics space. The strength of our pipeline and our sustained net headcount addition will continue to fuel our growth,” LTI President – Sales and Executive Board Member, Sudhir Chaturvedi said in a statement.
LTI stated in its filing that the merger has been allowed on September 19 by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, while a decision on the matter has been reserved by the NCLT Bengaluru. After LTI presents certified copies of both NCLT benches’ orders to the Registrar of Companies, the merger will be finalised.
On Friday the shares of Larsen & Toubro Infotech Ltd closed at ₹4,688.40 apiece, up by 1.99% from the previous close of ₹4,596.80. On a YTD basis, the stock has fallen 37.76% so far in 2022.
(With inputs from PTI)
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
