L&T Infotech Q2 results update
Last updated: 21 Oct, 2020 | 07:43 am
- Net Profit : L&T Infotech, Mumbai headquartered, a global technology consulting and digital solutions company, has reported a net profit of ₹ 456.80 crore, a 26.7% year-on-year increase.
- Revenue: The firm saw a 16.6% increase in revenue, to ₹ 2,998.4 crore, year-on-year on back of improvement in BFSI and manufacturing verticals. Strong deals pipeline and increase transaction in digital, cloud and analytics space also contributed to the outperformance for the quarter ending September 2020.
- Interim Dividend : L&T Infotech has announced an interim dividend of ₹15 per equity share with a record date of October 28, 2020.
- Head Count & Attrition : While the head count increased by nearly 1000 from the previous quarter, attrition dropped by 1.7% to 13.5% for the quarter ended September 2020.
- New Deals: With more than a dozen high revenue deals in the pipeline, one that stands out is the deal with Total Contract Value (TCV) of more than $40 million in analytics for the quarter. Thus, with growing demand, the mid tier IT firm sees an increased traction in digital, cloud and analytics space, which will thus keep them busy.
- Awards : L&T Infotech was nearly awarded half a dozen awards and recognition in the tech space, but the eyecatcher being the company’s recognition as great Place to Work-Certified Company in the USA.
The Covid-19 pandemic has forced a tectonic shift in businesses processes to move towards greater digitization. This has helped the IT sector to bounce back faster than other industries. To remain relevant, it is apparent that organizations need to reimagine their target operating models to embrace digital transformations, and this presents tremendous opportunities for companies like L&T Infotech.