LTI Q3 results: LTI Q3 results: Revenue up 31.2%, net income up 18% YoY

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Mumbai: Larsen and Toubro Infotech reported its strongest quarterly performance till date with revenue growing 31.2 per cent YoY and 9.8 per cent sequentially to Rs 4,137 crore for the third quarter ended in December 2021. Net income grew 18 per cent YoY and 11 per cent over the previous quarter to Rs 612 crore.

Constant currency sequential revenue growth at 9.2 per cent is the highest reported by the company till date, said Sanjay Jalona, Chief Executive Officer and Managing Director,

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“We saw broad-based growth. On a year-on-year basis BFS grew 38 per cent, manufacturing grew 30 per cent, Hitech grew 44 per cent, others grew 37 per cent. We have been growing consistently across accounts and client segments. It is the same in all our geographies. Even Europe, which used to be laggard for us, has also grown 30 per cent YoY,” said Jalona.



In dollar terms, revenue grew 29.3 per cent YoY. The company reported EBITDA margin of 20.1 per cent, up 60 basis points over the previous quarter.

“We added one client to the $50 million bucket. We added 27 new logos including one Fortune 500 client. This is the highest number of logos added since we listed (during a quarter),” he added.

Attrition, as in case of the sector at large, continued to remain high at 22.5 per cent compared to 19.6 per cent last quarter. It reported a net addition of 1,818 employees. “We expect attrition to ease 3-4 quarters down the line as the supply chain stabilizes and more people are trained. We have already hired 5,500 freshers this year which is a huge number for us,” said Jalona.

Jalona added that the industry is witnessing a wave of “Great Restructuring” with companies shifting to the new normal leading to higher spends on IT solutions. The pace of automation and digitisation is rapidly increasing. He added that pricing has increased in “pockets”.

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Source: The Economic Times
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