In a challenging first quarter, L&T Infotech has reported ₹416.4 crore in net profit after tax, a 17 per cent increase compared to ₹355.7 crore posted in the year-ago period.
However, on a sequential basis, this was a 2.6 per cent dip when compared to ₹427.5 crore posted in the March-ended quarter. The company attributed the dip to Covid-19 impact on its clients.
Revenue from operations was at ₹2,949.2 crore, an 18.6 per cent rise over ₹2,484.9 crore posted in the year-ago period. On a sequential basis, revenues dipped 2 per cent compared to ₹3011.9 crore posted in the March-ended quarter. In dollar terms, revenue was $390.3 million, a decrease of 4.8 per cent on a quarterly basis but a growth of 9.5 per cent on a yearly basis.
Sanjay Jalona, Chief Executive Officer & Managing Director, said it was a satisfactory quarter, considering the headwinds LTI faced as a result of Covid-19 pandemic. In Q1, LTI reported de-growth in revenues across most of its verticals. Banking and Financial Services dipped by 4.2 per cent, insurance by 2.7 per cent, manufacturing by 16.5 per cent, energy and utilities by 10.1 per cent, CPG, retail and pharma by 1.7 per cent.