L&T Infotech shares gain nearly 5 pc after earnings announcement

L&T Infotech on Tuesday reported a 26.7 per cent increase in consolidated net profit to Rs 456.8 crore for the quarter ended September 2020. This is against a net profit of Rs 360.4 crore in the same period a year ago, LTI said in a statement.

Shares of IT company L&T Infotech (LTI) gained nearly 5 per cent on Wednesday after the company reported a 26.7 per cent increase in consolidated net profit for the quarter ended September 2020. The stock jumped 4.73 per cent to close at Rs 3,105 on the BSE. During the day, it rose by 5.88 per cent to Rs 3,139.

On the NSE, it gained 4.73 per cent to close at Rs 3,105. L&T Infotech on Tuesday reported a 26.7 per cent increase in consolidated net profit to Rs 456.8 crore for the quarter ended September 2020.

This is against a net profit of Rs 360.4 crore in the same period a year ago, LTI said in a statement. Its revenue grew 16.6 per cent to Rs 2,998.4 crore in the reported quarter from Rs 2,570.7 crore in the year-ago period. Sequentially, the net profit was up 9.7 per cent, while the topline rose 1.7 per cent. In constant currency terms, revenue increased 2.3 per cent quarter-on-quarter and 10.5 per cent year-on-year.

"We are pleased to report 11.2 per cent y-o-y growth in revenues and 26.7 per cent y-o-y growth in net profit in Q2. We are also happy to announce a large deal with net new TCV (total contract value) in excess of USD 40 million in analytics," LTI Chief Executive Officer and Managing Director Sanjay Jalona said. The company's large deal pipeline remains strong and it sees increased traction in digital, cloud and analytics space, he added.