Tuesday, 25 July 2017

Today's Market Update - LTI Q1 profit rises

LTI, formerly known as Larsen & Toubro Infotech, reported a net profit of Rs 2,672 million in the first quarter, an increase of 5 percent from the previous quarter, even as the company reiterated that digital business would overtake the traditional model of IT outsourcing.

The company’s chief executive officer Sanjay Jalona said that digital business now represents over 29 percent of LTI’s revenues.

The company reported revenue of Rs 16,707 million in the quarter ended June, a decline of 0.4 percent from the previous quarter, and growth of 7.4 percent since the same quarter in the previous year.

LTI added 12 new clients in the quarter, with one client each in the USD 20 million and USD 10 million revenue bands.

India business accounted for 7 percent of the revenue of LTI during the first quarter. “We have critical and large deals here (in India), and are committed to projects like Smart Cities and Digital India,” Jalona said, adding that LTI would like to keep the India business at 6-7 percent.

He said that LTI does not see the goods and services tax (GST) regime as an impediment to business in India.

The total number of employees in LTI at the end of the quarter was 22,321, with the attrition of 14.7 percent.

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