Larsen & Toubro (L&T) Infotech rose 4.91% to Rs 3,110.30 after the company reported 9.70% gains in consolidated net profit to Rs 456.80 crore on 1.7% rise in revenues to Rs 2,998.40 crore in Q2 September 2020 (Q2FY21) over Q1 June 2020 (Q2FY20).
On a consolidated basis, profit before tax (PBT) stood at Rs 613.10 crore in Q2FY21, jumping 9.7% from Rs 558.90 crore in Q1FY21. Total tax expense spurted 9.68% to Rs 156.30 crore in Q2FY21 over Q1FY21. EBITDA jumped 15.8% to Rs 685.60 crore in Q2FY21 over Q1FY21. EBITDA margin grew 22.9% in Q2 FY21 as against 20.1% in Q1 FY21. The Q2 result was announced after market hours yesterday, 20 October 2020.
In terms of USD ($), the revenue was at $404.50 million, recording an increase of 3.6% QoQ (quarter-on-quarter) and 11.2% YoY (year-on-year). Constant currency revenue rose 2.3% QoQ and 10.5% YoY.
During the quarter, 26 new clients were added compared with 16 in Q1FY21 and 20 in Q2FY20. Attrition rate stood at 13.5% in Q2 September 2020 as against 15.2% in Q1 FY21 and 18.4% in Q2 FY21.
Sanjay Jalona, the managing director (MD) and chief executive officer (CEO) of L&T Infotech, has said that: "We are pleased to report 11.2% YoY growth in revenues and 26.7% YoY growth in net profit in Q2. We are also happy to announce a large deal with net new TCV in excess of USD 40mn in analytics. Our large deal pipeline remains strong and we see increased traction in digital, cloud and analytics space. The pandemic has made it apparent that organizations need to reimagine their target operating models embracing digital transformations to remain relevant in the marketplace. This presents tremendous opportunities for companies like us with comprehensive digital transformation capabilities."
The board declared first interim dividend of Rs 15 per share for the financial year 2020-21. The record date is set at 28 October 2020.
Meanwhile, the board of L&T Infotech has considered and approved a scheme of arrangement for merger of Syncordis Software Services India and Ruletronics Systems with the company. Syncordis India and Ruletronics India are wholly-owned subsidiaries of L&T Infotech.
L&T Infotech is a global technology consulting and digital solutions company.
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