L&T Infotech Q1 net profit down 1.5%

New Delhi: IT company L&T Infotech (LTI) Thursday reported a 1.5 per cent decline in consolidated net profit to Rs 355.8 crore for the quarter ended June 2019.

The company had registered a net profit of Rs 361.3 crore in the same period a year ago, LTI said. However, its revenue was up 15.3% to Rs 2,484.9 crore in the reported quarter from Rs 2,155.7 crore in the year-ago period, it added.

"We delivered 12.9% year-on-year revenue growth in constant currency driven by Digital Services that now make up 39% of our revenues. We also won a large deal by opening a new client logo in insurance vertical with net-new total contract value (TCV) of $44 million," LTI CEO and Managing Director Sanjay Jalona said.

The company's revenue in US dollar terms grew 11.5% year-on-year to $356.5 million. Its total headcount stood at 29,347 people at the end of June 2019 quarter.

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