LTI Q1 net profit slips 1.5 pc to Rs 355.8 cr

IT company L&T Infotech (LTI) Thursday reported a 1.5 per cent decline in consolidated net profit to Rs 355.8 crore for the quarter ended June 2019. The company had registered a net profit of Rs 361.3 crore in the same period a year ago, LTI said in a statement.

However, its revenue was up 15.3 per cent to Rs 2,484.9 crore in the reported quarter from Rs 2,155.7 crore in the year-ago period, it added. "We delivered 12.9 per cent year-on-year revenue growth in constant currency driven by Digital Services that now make up 39 per cent of our revenues. We also won a large deal by opening a new client logo in insurance vertical with net-new total contract value (TCV) of USD 44 million," LTI CEO and Managing Director Sanjay Jalona said.

The company's revenue in US dollar terms grew 11.5 per cent year-on-year to USD 356.5 million. Its total headcount stood at 29,347 people at the end of June 2019 quarter, while attrition was at 18.3 per cent.