BCCL
Shares of information technology (IT) services company Larsen & Toubro Infotech (LTI) surged as much as 15% on Tuesday after the company reported strong financial performance in the September quarter. Its net profit grew by 21% year-on-year to ₹552 crore in the July-September quarter with revenue up 25.6% year-on-year to ₹3,767 crore on robust demand. The company said that this was the strongest sequential growth it has witnessed, taking its annual revenue run rate to cross $2 billion.
“We are witnessing strong demand and are rapidly scaling up on the supply-side with our headcount up 31% year-on-year,” said Sanjay Jalona, chief executive officer and managing director at LTI. Attrition rate for the quarter spiked to 19.6% from 15.2% in the previous quarter. Also, the stock has hit its one-year high of ₹6,876.90 per share on October 19.