Customer spending across sectors and regions remains robust and L&T Infotech (LTI) expects this momentum to continue for at least 3-5 years, said company CEO & MD, Sanjay Jalona.
“Customer spending across sectors and regions remains robust and we expect this momentum to continue for at least 3-5 years. We are a growth company and we will continue to seize the opportunities emerging from the Great Restructuring,” he told The Hindu.
The tech firm had earlier said the `Great Restructuring’, a term it used to indicate the current market opportunities after the Great Depression of 1929 and Great Recession of 2007, came as a new turning point for the tech industry in general.
The IT arm of Larsen & Toubro has on Wednesday reported an 18% year-on-year growth in its net profit to ₹612.5 crore for the December ended quarter. The company’s revenue from operations increased 31.2% YoY to ₹ 4,137 crore during the third quarter.
The company said during Q3FY22 it registered a broad-based growth with Banking & Financial Services growing 38% YoY, Manufacturing 30% YoY, Hi-tech and Media & Entertainment 44% YoY while others growing at 37% YoY.
“We are pleased to report our best quarterly sequential growth since our listing and we expect this financial year to end with the highest year-on-year growth as a public company,” said Mr. Jalona adding, “We are confident of delivering leader’s quadrant growth with stable margins in the 14 to 15% band.”
On the deal front, he said, LTI’s key client buckets in the $5 million, $10 million and $20 million ticket size categories, grew over 25% YoY overall with Europe as a region registering 30% growth.