Larsen and Toubro Infotech Limited (LTI) shares fell over 5% to Rs 5,203 in initial deals on Wednesday after the mid-cap IT services provider reported a consolidated net profit of Rs 637.5 crore in the fourth quarter of fiscal 2022, up 16.8% year-on-year (YoY) from Rs 545 crore in the corresponding quarter of the previous year. Sequentially, it improved by 4.1% from Rs 612 crore in the December 2021 quarter.

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Consolidated revenue grew 31.6% at Rs 4,302 crore for the quarter from Rs 3,269 crore in the year-ago period, on the back of broad-based growth across verticals and geographies. 

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Revenues during the quarter were higher by 4% from Rs 4,137.6 crore registered in the previous quarter. In US dollar terms the company’s revenue grew by 27.5% YoY and 3.1% QoQ to $570.4 million.

Revenues for the financial year 2022 were higher by 26.7% at Rs 15,669 crore compared to Rs 12,370 crore last year.

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This year L&T Infotech has seen the highest new client openings and net headcount additions. In the March quarter of 2022, the company won 4 large deals with a net-new TCV of over $80 million.

The company’s board has recommended a final dividend of Rs 30 per equity share for the financial year 2021-22.

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EBIDTA margins for the quarter came in at 19.7%, down from 20.1% reported in the preceding quarter. Growth was driven by BFS and hi-tech and M&E at 37.4% respectively, followed by manufacturing and insurance.

Attrition for the company touched 24% up from 22.5% in Q3 of FY22 and 12.3% in Q4 FY21. The total headcount for Q4FY22 was 46,648.

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“Our growth has been broad-based across verticals, service lines, client buckets and geographies. The year has seen the highest new client openings and net headcount additions. In the fourth quarter, we won four large deals with net new Total Contract Values (TCV) of over $80 million. Our deal pipeline continues to be robust, and we remain confident of maintaining industry-leading growth in the coming year as well,” LTI chief executive officer and MD Sanjay Jalona said.