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LTI Q2 Revenue Grows 10% To Rs 2,570 Crore, To Acquire Powerupcloud Technologies

The acquisition is subject to customary closing conditions which are expected to get completed within six weeks.

Photo Credit : Reuters

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Digital solutions major Larsen & Toubro Infotech (LTI) clocked revenue of 364 million dollars during July to September, marking a growth of 2 per cent quarter-on-quarter and 10.8 per cent year-on-year.

The constant currency revenue growth was 2.4 per cent q-o-q and 11.9 per cent y-o-y. In rupee terms, the revenue came in at Rs 2,570 crore with a growth of 3.4 per cent q-o-q and 10.3 per cent y-o-y. Net income stood at Rs 360 crore, up 1.3 per cent q-o-q and 10 per cent y-o-y.

Besides, LTI has signed a definitive agreement for 100 per cent shareholding acquisition of PowerupCloud Technologies Pvt Ltd having its registered office in Tamil Nadu and headquartered in Bengaluru along with additional offices in Coimbatore, Singapore and Chicago.

The acquisition is subject to customary closing conditions which are expected to get completed within six weeks.

"In Q2, we delivered a steady 11.9 per cent y-o-y growth in constant currency driven by on-track ramp up of large deal wins that we announced earlier," said Sanjay Jalona, Chief Executive Officer and Managing Director of LTI.

"A healthy pipeline, continued large deal momentum and fast-growing digital services across all verticals make us optimistic about the future," he said in a statement.

The company also declared an interim dividend of Rs 12.50 per equity share.

(ANI)


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