L&T Infotech Q4 net profit rises 17% to Rs 637 cr; firm declares final dividend

Larsen & Toubro Infotech, a technology consulting and digital solutions company, on Tuesday reported a rise of 16.8 per cent year-on-year in its consolidated net profit at Rs 637 crore for the quarter ending 31 March, 2022. The company had posted a profit of Rs 545 crore in the year-ago period.

Revenue from operations in the said quarter rose 32 per cent to Rs 4,302 crore from Rs 3,269 crore in the same quarter last fiscal.

Moreover, the firm's board declared a final dividend of Rs 30 per equity share.If approved by the shareholders, the final dividend shall be paid within thirty days from the conclusion of the Annual General Meeting ('AGM'). Record date for the purpose of determining shareholders eligible to receive dividend, shall be intimated in due course, L&T Infotech said in a regulatory filing.

Commenting on the quarterly results, Sanjay Jalona, Chief Executive Officer & Managing Director said, “We are delighted to cross the USD 2 billion revenue milestone with record growth of 26% in FY22, our strongest since listing. Our growth has been broad-based across verticals, service lines, client buckets and geographies. The year has seen the highest new client openings and net headcount additions."

"In Q4 FY22, we won 4 large deals with net new TCV of over USD 80 million. Our deal pipeline continues to be robust, and we remain confident of maintaining industry leading growth in the coming year as well.” he added.

Shares of L&T Infotech closed 6.49 per cent lower at Rs 5,486.15 apiece on BSE today. The scrip has been falling for two straight sessions mostly on the back of L&T's two portfolio software companies, L&T Infotech and Mindtree, mulling a merger as soon as next week, according to a Bloomberg report published on Monday.

However, the two IT service companies have offered no comments on the reported development. L&T had acquired 61 per cent stake in Mindtree in 2019 for over Rs 10,000 crore. L&T also owns 74 per cent stake in L&TI. The combined market capitalisation of both the tech firms is nearly Rs 1.66 lakh crore.

The proposed deal could be a share-swap transaction, although it mentions that the merger could even fall part or suffer delay, quoting one of its sources, Bloomberg's report stated, quoting sources.