LTI Constant Currency Revenue Growth Up 11.9% YoY; Digital Revenues at 40%

Larsen & Toubro Infotech (BSE code: 540005, NSE: LTI), a global technology consulting and digital solutions company, announced its Q2 FY20 results today.

In US Dollars:

* Revenue at USD 363.8 million; growth of 2.0% QoQ and 10.8% YoY
* Constant Currency Revenue growth of 2.4% QoQ and 11.9% YoY

In Indian Rupees:

Revenue at Rs 25,707 million; growth of 3.4%  QoQ and 10.3% YoY
Net Income at Rs 3,604 million; growth of 1.3% QoQ and (10.0%) YoY

“In Q2, we delivered a steady 11.9% YoY growth in constant currency driven by on-track ramp up of large deal wins that we announced earlier. We won three large deals in this quarter, all of them from new clients, aggregating to net-new TCV of ~US$100 million. A healthy pipeline, continued large deal momentum and fast-growing Digital services across all verticals make us optimistic about the future.

We are delighted to announce the acquisition of Powerup, a born-in-Cloud company that has completed 150+ engagements in Cloud. Powerup has deep expertise in building Cloud and AI solutions and is a premier consulting partner of AWS. “

- Sanjay Jalona, Chief Executive Officer & Managing Director, LTI

Recent Deal Wins

* A US based utility company, a new logo has selected LTI for multi-year, multi-million dollar deal to provide Cloud and Infrastructure Managed services
* Won multi-year, multi-million dollar managed services engagement with a European financial institution, a new logo
* Leading power generation company chose LTI as its partner for a green field and organization wide implementation of SAP S/4 HANA
* Awarded application management and transformation deal from a global leader in manufacturing space
* Global engineering giant chose LTI for AMS engagement
* A major Development Authority in the Middle East selected LTI for implementing next generation digital platform to manage its mega capital expenditure programs efficiently
* Leading manufacturing conglomerate awarded SAP S/4 HANA implementation to LTI for its co-innovative engineering, construction and operations (EC&O) solution developed along with SAP
* Global technology distributor chose LTI as its transformation partner to launch a new line of business
* A US based services firm engaged LTI to migrate its HR and workforce ERP applications to SaaS

Client Testimonial

“Convo has chosen LTI to be a critical growth partner because of their deep and wide technical knowledge and commitment to innovation. We see the partnership as critical to our short and long-term success in transforming the VRS industry. From deployment automation to integrated AI, LTI is embedded into all our daily workflows. With every solution, LTI continues to exceed our expectations.”

John Steinmetz, Chief Technology Officer, Convo Communications, LLC.

Awards and Recognitions

* LTI listed as one of The Breakthrough 15 Technology Provider Standouts in Americas, EMEA and Globally on the 3Q19 Global ISG Index
* LTI's case study mentioned by Forrester as one of the meaningful IoT+Blockchain based Supply Chain use cases in their report titled: "IoT And Blockchain: A Powerful Pairing That Doesn't Yet Live Up to Its Promise"
* LTI ranked as a Major Contender and Star Performer in Everest Group Life Sciences Digital Services Peak Matrix™ Assessment 2019
* LTI recognized in the Constellation Research ShortList as a top vendor for Innovation Services and Engineering in Q3 2019
* LTI ranked as a Major Contender in Everest Group Data & Analytics Services PEAK Matrix™ Assessment 2019
* LTI named in Honorable Mentions in the Gartner, Magic Quadrant for SAP S/4HANA Application Services, Worldwide, 2019

*Gartner, Magic Quadrant for SAP S/4HANA Application Services, Worldwide, 2019, Fabio Di Capua et al., 20 May 2019

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Other Business Highlights

* LTI signed a definitive agreement to acquire Powerup Cloud, a Bangalore based AWS Premier Consulting partner with capabilities in Cloud Consulting, Data Lake implementation and Cloud Native Application development. The company has two AI-powered cloud platforms - CloudEnsure.io, an Autonomous Cloud Governance Platform to help with continuous audit of cloud setup, and Botzer.io, an Enterprise AI Platform that builds chatbots for customer support, employee engagement and knowledge management.
* The Board of Directors at its meeting held on October 17th, 2019 have declared an interim dividend of Rs. 12.5 per equity share (Face Value of Re.1)
* LTI is now a ‘Premier’ partner of ServiceNow

LTI has been felicitated with the ZEE Business National CSR Leadership Award 2019 for Innovations in CSR practices

* LTI released its 3rd Sustainability Report with the theme ‘Solving for Good’. We have drawn inspiration from the United Nations’ Sustainable Development Goals and the report lays down specific objectives and commitments that we have set for ourselves in our Sustainability Roadmap 2030.