L&T Infotech Q1 Results FY2023: Net Income at Rs. 6344 million for Q1FY23

On 15th July 2022, L&T Infotech announced its quarterly results for the last quarter of FY2022.

Key Highlights:

In USD:

- The company reported revenue at USD 580.2 million with a growth of 1.7% QoQ and 23.4% YoY 

- The Constant Currency Revenue growth was of 2.9% QoQ and 26.6% YoY 

In INR:

- The company reported revenue at INR 45,228 million with growth at 5.1% QoQ and 30.6% YoY 

- The Net Income was reported at INR 6,344 million; a decrease of 0.5% QoQ and growth of 27.7% YoY

Geographical Revenue:

- For Q1FY23, the revenue from geographical presence in the European market declined by 0.8% on a QoQ basis and grew by 17.4% on a YoY basis. 

- For Q1FY23, the revenue from the geographical presence in the North American market increased by 5.5% on a QoQ basis and by 25.3% on a YoY basis. 

- In Q1FY23, the revenue from the rest of the world declined by 2.6% on a QoQ basis and increased by 2.2% on a YoY basis. 

- In Q1FY23, the revenue from the Indian market declined by 15.8% on a QoQ basis and increased by 49.9% on a YoY basis.  

Revenue by Industry:

- The constant currency revenue from BFSI grew by 7.9% QoQ and 35.9% YoY for Q1FY23.

- The constant currency revenue from Manufacturing declined by 11.5% QoQ and grew by 21.6% YoY for Q1FY23.

- The constant currency revenue from Insurance segment grew by 4.5% QoQ and by 17.7% YoY for Q1FY23.

- The constant currency revenue from Retail, CPG & Pharma grew by 1.4% QoQ and grew by 20.7 % YoY for Q1FY23.

- The constant currency revenue from High-Tech, Media, and Entertainment increased by 0.8% QoQ and 13.7% YoY for Q1FY23.

- The constant currency revenue from Energy and Utilities increased by 2.6% QoQ and grew by 21.7% YoY for Q1FY23.

- The constant currency revenue from Other segments grew by 17.8% QoQ and by 55.3% YoY for Q1FY23.

 Commenting on the results, Sudhir Chaturvedi, President Sales & Executive Board Member said: “We are pleased to report 26.6% YoY revenue growth in constant currency. We added 4 Global Fortune 500 logos to our client list in Q1, taking our total Global Fortune 500 customers to 77. We are also happy to announce 4 large deal wins during the quarter with net new TCV of US$ 79mn.” 

And Nachiket Deshpande, Chief Operating Officer & Executive Board Member said: “Our healthy pipeline will ensure that we maintain our large deal momentum. Our sustained net headcount addition reflects our confidence and continued focus to deliver strong growth in FY23”.