LTI USD revenues grow 11.2% YoY; Net Profit up 26.7% YoY

MUMBAI, India, Oct. 20, 2020 /PRNewswire/ -- Larsen & Toubro Infotech (BSE code: 540005) (NSE: LTI), a global technology consulting and digital solutions company, announced its Q2 FY21 results today.

In US Dollars:

• Revenue at USD 404.5 million; increase of 3.6% QoQ and 11.2% YoY
• Constant Currency Revenue increase of 2.3% QoQ and 10.5% YoY

In Indian Rupees:

• Revenue at INR 29,984 million; increase of 1.7% QoQ and growth of 16.6% YoY
• Net Income at INR 4,568 million; increase of 9.7% QoQ and growth of 26.7% YoY

"We are pleased to report 11.2% YoY growth in revenues and 26.7% YoY growth in net profit in Q2. We are also happy to announce a large deal with net new TCV in excess of USD 40mn in analytics. Our large deal pipeline remains strong and we see increased traction in digital, cloud and analytics space.

The pandemic has made it apparent that organizations need to reimagine their target operating models embracing digital transformations to remain relevant in the marketplace. This presents tremendous opportunities for companies like us with comprehensive digital transformation capabilities,"

- Sanjay Jalona, Chief Executive Officer & Managing Director

Recent Deal Wins

• LTI has been selected by a key government ministry for a large data and analytics led transformation deal. As part of the deal, applications and operations will be transformed and developed for collection and dissemination of data as information, case management and fraud management using artificial intelligence
• A leading powerhouse semiconductor company has partnered with LTI on its transformation journey to re-imagine their digital core and move away from their existing Oracle EBS on-prem version to S/4 HANA on cloud
• LTI has been selected to set up a digital and AI driven Security Operations Centre with an objective to completely modernize the digital security apparatus by a leading provider and manufacturer of heating and cooling solutions and equipment
• LTI has been chosen to manage all the testing services including that of 3^rd party products, in-house applications, web portals and mobile applications to ensure high quality experience by end users of a U.K. based wealth management firm
• A financial services provider has selected LTI as its partner of choice to provide services for legacy modernization and enterprise integration
• A global HVAC manufacturer has selected LTI to rationalize and migrate its data application landscape to cloud
• A manufacturer of medical supplies and equipment has selected LTI for application support and maintenance activities for its COTS and custom applications to ensure flexible cost structure, better knowledge retention and better KPI management
• A multi-national manufacturer of industrial products has selected LTI as its preferred partner to implement Extended Warehouse Management systems by SAP to ensure process harmonization, efficient operations and automation across all its warehouses
• A Global Fortune 500 energy company has selected LTI for maintenance and functional support for their content server to ensure secure systems for data storage throughout its lifecycle
• A Global Fortune 500 pharmaceutical company chose LTI to migrate its on-premise commercial database system to cloud
• A drilling rig operator has selected LTI to provide enhancements, maintenance and support to its business-critical IT system on their drilling rigs to ensure safety and efficiency of rig workers

Awards and Recognitions

• LTI Recognized as a Leader and Rising Star in the ISG Provider Lens™ Next-Gen Private/Hybrid Cloud – Data Center Services & Solutions Report, Nordics 2020
• LTI's business process transformation for a Leading Manufacturer of High-performance Blenders featured in ISG's Book on Digital Excellence, Scaling Digital: 25 Stories of Innovation
• LTI featured as a Major Contender in Everest Group Cloud-Native Application Development Services PEAK Matrix® Assessment 2020
• LTI recognized as a Sample Vendor in Gartner Hype Cycle for Analytics and Business Intelligence, 2020

*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

Other Business Highlights

• The Board of Directors at its meeting held on October 20^th, 2020 have declared an interim dividend of INR 15 per equity share (Face Value of INR 1)
• LTI launched Canvas PolarSled, an automated cloud migration and modernization framework to help enterprises accelerate their data journey to Snowflake, the cloud data platform
• LTI is now an 'Elite' (highest) level partner with ServiceNow in the Sales, Services and Managed Services category
• LTI has been recognized as a Great Place to Work-Certified™ Company in the USA
• LTI ranked #1 in the Institutional Investor's 2020 All-Asia Executive Team survey, across all sell-side categories in the Technology/IT Services & Software space. It was the only IT Services Company to be included in the 'Most-Honored' List 2020
• LTI has bagged the Platinum Award (highest category) for its Warli CSR project in the Employment Enhancing Vocational Skills category at the 7th Annual CSR Awards 2020, organized by the Greentech Foundation
• LTI released its 4th Sustainability Report with the theme of 'Partnering for a Resilient Future'. Through this report, we present to you how LTI has focused on three critical aspects to sustainable development – Education, Empowerment and Environment

About LTI

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 400 clients succeed in a converging world. With operations in 31 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI's Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 30,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.

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SOURCE LTI