L&T Infotech Stock Zooms 16% on Strongest Sequential Revenue Growth Ever

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L&T Infotech Stock Zooms 16% on Strongest Sequential Revenue Growth Ever

By Malvika Gurung

Investing.com -- After the mid-cap, IT services company Larsen & Toubro (NS: LART ) Infotech Ltd (NS: LRTI ) reported an impressive earnings performance for the quarter ending September 2021 on October 18, its shares spiked by 15% on the Indian benchmark indices, as the market opened on Tuesday.

At 1:43 pm, the company’s shares zoomed by 16.89% to Rs 6,903.60 apiece, backed by its strong quarterly earnings report. 

The Mumbai-based firm reported an increase of 20.8% in the consolidated net profit year-on-year to Rs 551.7 crore for the September quarter, while its sequential net profit rose by 11%.

In terms of consolidated revenue, the company recorded an increment of 25.6% YoY to Rs 3,767 crore, while the sequential revenue witnessed an increase of 8.8% for the quarter.

The chief executive and managing director of the IT firm, Sanjay Jalona stated that the figures reported for the September quarter are the strongest sequential revenue growth and best-ever Q2 of 8.9% recorded for the company in constant currency terms. 

Additionally, given the company’s strong quarterly performance, it will provide an interim dividend of Rs 15 per share.

The company further added that the banking and financial services verticals contributed the most to the company’s profits. LTI’s shares skyrocketed to as high as 120% in the past month’s period.

 

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