Information technology company , Infotech, last Saturday announced a notable increase of approximately 23% in its consolidated net profit amounting to Rs 679.8 crore for the quarter ending September 2022. Compared to the same period last year when it recorded a net profit of Rs 551.7 crore, this result reflects a remarkable performance.
Consolidated revenue from Larsen and Toubro Infotech (LTI) operations also showed significant growth, rising by 28.39% to Rs 4,836.7 crore this quarter, compared to Rs 3,767 crore a year ago.
Sudhir Chaturvedi, President of Sales and Member of the Executive Board of LTI, expressed his enthusiasm regarding active conversations with customers and highlighted the continued growth in the areas of cloud computing and analytics. He stated: “The strength of our portfolio and steady growth in net headcount will continue to drive our growth.”
Furthermore, the company is in the process of merging with Mindtree, an operation that was approved by its shareholders and unsecured creditors on August 10. The merger received approval from the National Company Tribunal, Mumbai on September 19, and the NCLT Bengaluru is waiting to do the same. Completion of the merger will take place after LTI submits certified copies of NCLT Board Orders to the Registrar of Companies.
Nachiket Deshpande, COO and Executive Board Member, LTI, expressed satisfaction with the final stage of the LTI Mindtree merger approval process, anticipating joining forces by the end of this calendar year. The merger will result in the creation of IT services provider LTIMindtree, with combined revenue exceeding $3.5 billion, offering complementary portfolios and a broad customer base, creating exceptional value for all stakeholders.
The L&T Infotech share deal involves the offering of 73 shares for every 100 shares of Mindtree, further solidifying this strategic and potentially transformative move.
