L&T Infotech up 7.5%

L&T Infotech is currently the top gainer on the BSE; it opened over 2.5% higher at Rs.1711.90 and rose further by 7.5% to its intraday high at Rs.1795. Volumes have spurted by almost 3 times.

The market is happy with the company’s Q4FY20 earnings. Its net profit rose 13% (YoY) at Rs.427 crore on a 21% rise in revenue at Rs.3012 crore. In dollar terms, L&T Infotech's revenue stood at $409.9 million, up 16%. In constant currency terms, revenue growth was at 17%.

The company announced two large deals in Q4 with net-new TCV in excess of $100 million, culminating in a record 8 large deal wins for us in FY20.

L&T Infotech has deferred wage hikes for FY20, while it announced no pay cuts for its employees.

Total employees at end of Q4 were at 31,437 v/s 28,169 in the same period last year.