Larsen & Toubro Infotech (LTI) rose 1.74% to Rs 4164.20 after the company's consolidated net profit increased by 13.7% to Rs 519.3 crore in Q3 FY21 from Rs 456.8 crore in Q2 FY21.
Revenue during the quarter rose by 5.1% to Rs 3,152.8 crore in Q3 December 2020 from Rs 2,998.4 crore in Q2 September 2020. In dollar terms, the company's increased 5.8% on a quarter-on-quarter (QoQ) basis to $427.8 million. Sequential constant currency revenue growth was 5.3% in the quarter ended December 2020.
EBIT rose 9.1% to Rs 650.2 crore in Q3 December 2020 from Rs 595.7 crore in Q2 September 2020. EBIT margin was at 20.6% as on 31 December 2020 as against 19.9% as on 30 September 2020.
Profit before tax in Q3 FY21 stood at Rs 699.40 crore, up by 14.1% from Rs 613.10 crore in Q2 FY21. Current tax expense rose 6.1% QoQ to Rs 162.90 crore in the third quarter.
LTI said said that most of its verticals showed good sequential growth, led Manufacturing (up 9.6% QoQ), BFS (up 8.4% QoQ), High-Tech, Media & Entertainment (up 5.8% QoQ), CPG, Retail & Pharma (up 4.7% QoQ) and Energy & Utilities (up 0.1% QoQ). However, Insurance vertical declined by 0.6% sequentially.
Geography-wise sequential growth was led by India (up 30.4% QoQ), Europe (up 5.5% QoQ) and North America (up 4.5% QoQ) while RoW (down 4.2% QoQ) witnessed some contraction.
In the third quarter, top 5 clients contributed 29.3% to the revenue, Top 10 clients contributed 42% to the revenue and Top 20 clients contributed 57.1% to the revenue.
LTI's headcount stood at 33,983 as of 31 December 2020. In Q3, its IT services attrition rate (LTM) was at 12.4%. The company's cash and cash equivalents in Q3 FY21 was Rs 524.8 crore.
Sanjay Jalona, chief executive officer & managing director, said: We are pleased to deliver a strong quarter with 5.8% QoQ growth in USD revenues. This has been driven by healthy growth momentum across our portfolio. We continue to see strong demand for cloud-based IT solutions. Our tier 1 level partnership with the hyperscalers enables us to work closely on client outcomes and go-to-market opportunities.
We are happy to announce two large deals with cumulative net new TCV of $278 million. We remain focused on building and scaling differentiated capabilities. A healthy deal pipeline and sustained client mining make us optimistic about the future.
Separately, during market hours today, the IT firm announced that Ashok Kumar Sonthalia, chief financial officer of the company has resigned from close of business hours of 25 January 2021.
Larsen & Toubro Infotech (LTI) is a global technology consulting and digital solutions company.
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