LTI USD Revenues grow 5.8% QoQ and 8.5% YoY; Net Profit up by 37.9% YoY

MUMBAI, India, Jan. 19, 2021 /PRNewswire/ -- Larsen & Toubro Infotech (BSE code: 540005) (NSE: LTI), a global technology consulting and digital solutions company, announced its Q3 FY21 results today.

In US Dollars:

• Revenue at USD 427.8 million; increase of 5.8% QoQ and 8.5% YoY
• Constant Currency Revenue increase of 5.3% QoQ and 7.4% YoY

In Indian Rupees:

• Revenue at INR 31,528 million; increase of 5.1% QoQ and growth of 12.2% YoY
• Net Income at INR 5,193 million; increase of 13.7% QoQ and growth of 37.9% YoY

"We are pleased to deliver a strong quarter with 5.8% QoQ growth in USD revenues. This has been driven by healthy growth momentum across our portfolio. We continue to see strong demand for cloud-based IT solutions. Our tier 1 level partnership with the hyperscalers enables us to work closely on client outcomes and go-to-market opportunities.

"We are happy to announce two large deals with cumulative net new TCV of USD 278 million. We remain focused on building and scaling differentiated capabilities. A healthy deal pipeline and sustained client mining make us optimistic about the future."

- Sanjay Jalona, Chief Executive Officer and Managing Director, LTI

Recent Deal Wins

• A UAE-based leader in digital transformation has selected LTI as its partner of choice to provide infrastructure and application operations support and maintenance for its existing and new customers. As part of the deal, LTI will also partner with end customers on their journey to cloud and transform operations to bring in best-shoring and automation.
• A Global Fortune 500 energy company has chosen LTI as its primary partner for an application managed services agreement to create and consolidate a business-aligned IT services delivery platform across the organization and reduce total cost of ownership.
• A company located in the U.S providing leading data-driven marketing, loyalty and payment solutions has selected LTI for customer-centric digital transformation initiatives to enhance customer experience, brand reputation, customer acquisition and retention and reduction in costs by virtue of streamlined operations.
• An engineering, construction and mining company located in South East Asia has partnered with LTI to transform its procurement, sales, bidding, contracting and analytics functions using SAP to enable operational excellence, ensure data-driven insights and informed decision making across the organization.
• LTI executed a license sale agreement for AI, Decisions and Catalog products on its Mosaic platform with a multinational banking and financial services company to bring about efficiency in their reporting with the regulators. Mosaic will serve as a unified data analytics platform enabling consolidation of all credit risk models and will be hosted in a hybrid cloud setup. As a part of the deal, LTI will be a one-stop shop providing the product as well as handling, deploying, integrating and testing services.
• A leading European financial services firm has chosen LTI to manage its infrastructure operations through a leaner operating model and by leveraging the Mosaic platform to drive automation.
• A leading commercial property and casualty insurance group based in Canada has selected LTI to consolidate and transform its policy administration systems and processes onto the Duck Creek platform to ensure streamlining of its operations.
• A U.S. based real estate investment company has chosen LTI for providing application support, maintenance and development services along with key implementation initiatives to drive cost optimization and digital transformation.

Awards and Recognitions

• LTI Recognized as a Leader in the ISG Provider Lens™ Digital Business – Solutions and Service Partners Report, US 2020
• LTI Recognized as Leader and Star Performer in Everest Group's Application and Digital Services in Capital Markets PEAK Matrix® Assessment 2021
• LTI positioned in "Leaders" Quadrant within NelsonHall's Software Testing: Quality Engineering NEAT 2020
• LTI Recognized as a Leader in the ISG Provider Lens™ Public Cloud — Solutions and Services Report, Nordics 2020
• LTI recognized as a Leader in Everest Group Insurance Business Model Innovation Enablement Services PEAK Matrix® Assessment 2021

Other Business Highlights

• LTI won in the Outstanding Value Category at the Honda Indirect Procurement Supplier 2020 Awards, US. The outstanding value category acknowledges suppliers providing the most value to Honda by recognizing the total cost of ownership
• LTI is now an "Elite" level partner of Snowflake, the data cloud company. LTI has also become the maiden partner for Snowcase - a program that Snowflake is launching to develop and market industry-specific solutions to accelerate cloud data transformation journey of enterprises
• LTI is now a "Premier" level partner of Google Cloud
• LTI is now a "Platinum" tier partner of IBM
• LTI has partnered with Temenos to launch a Digital Banking Platform in the Nordic region
• LTI was ranked among the top 50 companies (Rating "A") in the BW BusinessWorld India rankings for Most Sustainable Companies 2020

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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