L-;T Infotech Q2FY23 PAT up 23.17% at Rs679.3cr on operating profit growth in BFSI and energy verticals

16 Oct 2022 , 04:31 PM

L&T Infotech reported 28.4% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs4,836.70cr. Sequential revenues were up 6.94%.

In terms of top line growth, LTI witnessed sharp growth across all verticals including BFSI, manufacturing, energy, High-Tech, Media and CPG Retail. In constant currency terms, the growth was 21.6% in revenues yoy.

Constant currency revenues grew 4.6% on a sequential basis. In terms of YOY vertical growth, energy led the way with 27.5% growth while BFSI grew by 24.3%.

Manufacturing grew in single digits while Hi-tech/media saw negative growth in the quarter. LTI saw 41.4% growth in AI and Cognitive. US and Europe drove positive growth in revenues.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 23.2% at Rs679.3cr with EBITDA margins slightly lower at 18.8% due to cost pressures.

LTI added 22 clients in the quarter crossing the 500 clients mark. Nearly 45% of the clients are above $1 million in size. Offshore accounts for 62% of total revenue mix with onshore accounting for 38%. Attrition has gone up by 470 bps yoy at 24.3%, but that is the overall industry trend.

Net margins came in at 14.04% for Q2FY23 as compared to 14.64% in the year ago quarter and 14.01% in the sequential June 2022 quarter. Net margins have been broadly stable.

Financial highlights for Sep-22 compared yoy and sequentially

	L&T Infotech
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 4,836.70	₹ 3,767.00	28.40%	₹ 4,522.80	6.94%
Net Profit (Rs cr)	₹ 679.30	₹ 551.50	23.17%	₹ 633.50	7.23%
Diluted EPS (Rs)	₹ 38.70	₹ 31.41		₹ 36.08
Net Margins	14.04%	14.64%		14.01%