L&T Infotech Q1 net rises 19.3% to Rs496.8 cr; declares Rs10 per share dividend

Larsen & Toubro Infotech, the IT services arm of engineering and construction major L&T, has reported a 19.3 per cent jump in its net profit to Rs496.8 crore for the fiscal first quarter ended 30 June 2021, against a profit of Rs416 crore in the corresponding quarter last year.

Revenue for the period increased by 5.9 per cent to Rs3,462.5 crore from Rs3,269.4 crore, QoQ. 
The board of directors of the Mumbai-headquartered company at its meeting on Thursday (15 July 2021), recommended a special dividend of Rs10 per equity share of Re1 face value for the financial year 2021-22.
"We are pleased to report our best ever Q1 sequential growth of 5.1 per cent driven by holistic growth across our verticals, service lines, client pyramid and geographies. Our healthy pipeline and continued strong demand make us confident of our future growth," Sanjay Jalona, chief executive officer and managing director, said.
"Over these past 5 years, we have delivered dollar revenue CAGR of 13.5 per cent and more than doubled our net profit. I am proud of how we continue to innovate and deliver year-on-year industry-leading growth. I am also excited as we strengthen our digital engineering capabilities welcoming Cuelogic Technologies to the LTI family," he said.
The results came after the close of the market hours. Shares of Larsen & Toubro Infotech ended at Rs4,417.30, up Rs196.65, or 4.66 per cent on the BSE.