L&T Infotech Q1 Net Income surges 35% yoy; USD Revenue Growth at 11%

The company's revenue is at Rs.15,550 Million; growth at (0.2%) QoQ and 16.6% yoy.

L&T Infotech, a global IT services and solutions provider, announced its Q1 FY17 results.

In US Dollars:

• Revenue at USD 231.1 million; growth of 0.6% QoQ and 10.8% YoY
• Constant Currency Revenue growth of (0.3%) QoQ and 12.1% YoY

"I am very pleased to report a solid quarter of strong execution, resulting in increased profitability. With over 4% sequential growth in services revenue and close to 22% of our projects in Digital technologies, we have seen growth across verticals. During last year, we have embarked on a journey to build a next generation IT services and solutions company, focused on solving the challenges of physical and digital convergence. We are investing in building differentiated offerings, competencies, training and reskilling that are aligned to client demand and spends. Our strategic intent is to build significant strength in five areas of growth – Digital, Analytics, IIoT, Cloud Apps and Automation."

"I also take this opportunity to thank all our investors who have reposed their faith in us during our recent IPO. Building shareholder value is an important goal for us”, Sanjay Jalona, Chief Executive Officer & Managing Director said.

In Indian Rupees:

• Revenue at Rs 15,550 million; growth at (0.2%) QoQ and 16.6% YoY
• Net Income at Rs 2,358 million; Net Income growth at 3.3% QoQ and 35% YoY

Other Business Highlights

• LTI & GE Digital announced a Global Strategic Partnership to develop Digital Industrial Solutions
• LTI joined the Pivotal Ready Partner Program from Pivotal Labs in this quarter
• Launched Facebook at Work, becoming the first IT services and solutions company to adopt the new collaboration platform. It is bringing our global teams closer, enabling a culture change, and fostering innovation across the organization
• Set up a Digital Lab at our new office in Paris to facilitate co-innovation and co-creation with customers

Awards and Recognitions:

• Annual Report for the year ending March 2016 was adjudged a Gold Winner by the League of Americans Communications Professionals (LACP) in the category of IT Services companies with up to $1 Bn in revenue
• LTI named as a 'Major Player' in IDC’s MarketScape: Canada Mobile Application Testing Services 2016 Vendor Assessment
• LTI ranked as ‘Major Contender’ & ‘Star Performer’ in Everest Group's Testing PEAK Matrix 2016
• LTI has featured as an ‘Aspirant’ in Everest Group’s SaaS Implementation Service Providers’ Assessment PEAK MatrixTM 2016
• LTI mentioned in Gartner’s 'Vendors to Watch' for Application Testing Services
• LTI mentioned in Gartner's Market Guide for BI & Analytics, APJ