Wednesday, May 12, 2021

LTI FY21 USD revenues grow 9.5%; net profit up 27.5%, Q4 FY21 USD revenues up 9.1% YoY

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| May 5, 2021 10:14:22 AM IST
Mumbai (Maharashtra) [India], May 5 (ANI/PRNewswire): Larsen & Toubro Infotech, a global technology consulting and digital solutions company, announced its Q4 FY21 and full year FY21 results today.

Q4 FY21

In US Dollars:

Revenue at USD 447.4 million; growth of 4.6% QoQ and 9.1% YoY

Constant Currency Revenue growth of 4.4% QoQ and 7.1% YoY

In Indian Rupees:

Revenue at Rs 32,694 million; growth at 3.7% QoQ and 8.5% YoY

Net Income at Rs 5,457 million; Net Income growth at 5.1% QoQ and 27.6% YoY

Full year FY21

In US Dollars:

Revenue at USD 1,670.1 million; growth of 9.5% YoY

Constant Currency Revenue growth of 8.8% YoY

In Indian Rupees:

Revenue at Rs 123,698 million; growth at 13.7% YoY

Net Income at Rs 19,382 million; Net Income growth at 27.5% YoY

Capital Return

Final Dividend of Rs 25 per share; Dividend pay-out ratio of 36.1% for the year

ROE of 30.5% for the year

"Supported by a strong Q4, FY21 was another year of market leading growth. We are happy to report revenue growth of 9.5 per cent and net profit growth of 27.5 per cent for the year. In Q4, we also won two large deals with net new TCV of USD 66 mn, culminating into a record large deal TCV for FY21," said Sanjay Jalona, Chief Executive Officer & Managing Director.

"Our superior performance is a result of the untiring efforts of 35,000+ LTItes who stood together during one of the most trying times ensuring client deliveries. We will continue to invest in the strength of our business as we remain committed to growth in FY22 as well," added Sanjay Jalona.

Recent Deal Wins

- LTI has been chosen as a long-term strategic partner in a vendor consolidation deal for management of core insurance platforms for a large Fortune 500 Insurance company. This is a unique deal which includes vendor consolidation and several modernization programs across multiple core areas in the property and casualty insurance space in North America.

- A leading regional bank, a new logo, selected LTI for a core banking transformation program involving implementation of Temenos. As part of the program, LTI will be the lead system integrator and will replace the Bank's existing lending platform using the Temenos T24 platform as well as handle data migration from legacy systems. The implementation of this program will enable the bank to introduce new lending products, reduce complexities, service its increasing customer base in a faster and efficient manner while lowering the total cost of ownership. Empowered with pre-configured local functions, this transformation will enable the bank to cater to regulatory requirements within a relatively short time span and reduced efforts.

- LTI has been selected by a US based heavy equipment manufacturing conglomerate for an application managed services deal for its parts business to enable reduction in total cost of ownership and operational excellence.

- A North American property and casualty mutual insurance company has partnered with LTI to replace its existing on-premise legacy core systems with a SaaS based Duck Creek solution. This engagement will accelerate client's digital transformation to enable better customer experience and support. It will also optimize operational costs and enable rapid expansion of services to other regions.

- A Global Fortune 500 multinational pharma corporation has chosen LTI as its advisory partner to transform its finance function. LTI will play a key role in meeting business objectives such as data consistency by implementing effective data monitoring and reconciliation processes for their global business operations.

- A Germany based multinational engineering conglomerate has selected LTI for an SAP HANA Data Lake migration project to Snowflake for its energy business company, to ensure significant cost savings with scaling and managing data analytics and increased efficiencies in the form of faster decision making.

- A Global Fortune 500 energy distribution company has selected LTI to support its SAP Customer Information System implementation for one of its acquired entities. The aim of this program is to digitize its meter-to-cash process and bring about automation in customer services to deliver operational efficiencies and cost reduction.

- A leading property and casualty insurance software and data analytics provider based in North America has selected LTI to migrate from their legacy enterprise data warehouse platform to Snowflake's data cloud in phased manner to ensure reduced costs, streamline processes, enhance efficiencies and competitive advantage.

- LTI has been selected to provide infrastructure support and network operations services to reduce costs and increase efficiencies for a leading distributor of specialty concrete and construction products in North America.

- A Global Fortune 500 entertainment and media enterprise has selected LTI to build a global reporting platform for its digital media supply chain applications using Snowflake to provide enhanced visibility of complex supply, production and delivery workflows across the enterprise.

- The international branch of a leading financial services providers in the UK has appointed LTI as the lead systems integrator for their core banking modernization and transformation program. This will enable leveraging capacity and stability of the Cloud with Temenos SaaS to improve customer experience, reduce costs and bring new products to market faster and scale efficiently.

Awards and Recognitions

- LTI topped the list of 'IT Services Challenger 2021' in Everest Group's PEAK Matrix Service Provider of the YearTM Awards. LTI also improved its ranking from 16 last year to 11 in the overall PEAK Matrix rankings for IT services - the highest leap registered by any player. LTI is also a Star Performer of the Year in Banking and Financial Services PEAK Matrix Assessments

- LTI Leni and LTI Mosaic recognized in The Forrester Tech Tide: Enterprise Business Insights & Analytics, Q1 2021

- LTI Recognized as a Leader in the ISG Provider Lens Intelligent Automation - Solutions and Services in AIOps for Midmarket - US 2020

- LTI positioned as an Innovator in Avasant's IoT Services RadarView Report 2021

Other Business Highlights

- The Board of Directors at its meeting held on May 4th, 2021 have recommended a final dividend of INR 25 per equity share (Face value of INR 1) for the financial year 2020-21. Total dividend for FY21 is INR 40 per equity share, including the interim dividend of Rs 15 per equity share declared in October 2020

- LTI appointed Anil Rander as its Chief Financial Officer. He is a seasoned finance leader with over 27 years of multifaceted experience in driving business performance and growth. He joins LTI from Tech Mahindra Ltd., where he was Global Head of Finance for BPS. Also, as Senior Vice President - Finance and Legal, he led the Finance, Legal, Facilities & Risk Management functions of Tech Mahindra Business Services Ltd.

- LTI and AWS have entered into a Strategic Partnership to Accelerate Enterprise Cloud Adoption to expand joint offerings for Migration, Modernization, SAP, IoT, and Data-on-Cloud.

- LTI is recognized as a Microsoft Azure Expert Managed Services Provider, the prestigious program is a global initiative by Microsoft that enables its leading partners to differentiate by proving real-world proficiency and skills in data and cloud competencies

- LTI in the UK has been recognized with Top Employer 2021 certification, by the Top Employers Institute, the global authority recognizing excellence in people practices

This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

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