LTI Q1 net profit up 17 pc y-o-y at Rs 416 crore

Digital solutions major Larsen & Toubro Infotech (LTI) has reported net income at Rs 416 crore in the first quarter of the current fiscal year, marking 17.1 per cent growth year-on-year but a fall of 2.6 per cent quarter-on-quarter.

Digital solutions major Larsen & Toubro Infotech (LTI) has reported net income at Rs 416 crore in the first quarter of the current fiscal year, marking 17.1 per cent growth year-on-year but a fall of 2.6 per cent quarter-on-quarter. Revenues came at Rs 2,949 crore, declining by 2.1 per cent q-o-q and growing by 18.7 per cent y-o-y.

In dollar terms, revenues totalled 390 million in Q1 FY21, dipping by 4.8 per cent q-o-q but growing by 9.5 per cent y-o-y. Constant currency revenue decreased by 4.7 per cent q-o-q but grew by 10.6 per cent y-o-y. "COVID-19 is a crisis unlike any other and its impact on lives and livelihoods continues to be felt across the world. I am extremely proud of our LTItes who have stood together during these times ensuring client deliveries," said CEO and Managing Director Sanjay Jalona.

A UK-based wealth management firm recently selected LTI for a multi-million, multi-year deal to provide remote infrastructure support, modern cybersecurity services and migration to IBM power cloud from its legacy wealth management platform. LTI was also chosen by a leading American aerospace company to provide managed services for its data centre as well as to enable migration for its on-premise infrastructure to cloud. (ANI)