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New Delhi, Jan 15 () IT company L&amp;T Infotech (LTI) on Wednesday reported marginal increase in consolidated net profit to Rs 376.7 crore for the quarter ended December 2019.
 This is against a net profit of Rs 375.5 crore in the same period a year ago, LTI said in a statement.
 Its revenue grew 13.7 per cent to Rs 2,811.1 crore in the reported quarter from Rs 2,472.9 crore in the year-ago period, it added.
 Sequentially, the net profit was up 4.6 per cent, while the topline rose 9.4 per cent.
 "Our outstanding quarter-on-quarter growth of 8.4 per cent in Q3 (third quarter) is a result of on-track ramp-up of large engagements we announced earlier," LTI CEO and Managing Director Sanjay Jalona said.
 He added that the company's "superior and broad-based performance" across verticals and service offerings underscores the resilience of its diversified portfolio.
 "We continue to win large deals across regions and have won two such engagements in Q3 with cumulative net-new TCV (total contract value) of more than USD 75 million," Jalona said.
 Shares of LTI closed at Rs 1,940.25 apiece, up 3.3 per cent from the previous close on the BSE.
 LTI said its digital revenues accounted for 41 per cent of its overall revenues.
 The company's revenue in US dollar terms grew 13.7 per cent year-on-year to USD 394.4 million.
 Its total headcount stood at 31,419 people at the end of the September 2019 quarter, while attrition was at 17.7 per cent. SR HRS

LTI Q3 net profit rises to Rs 376.7 crore

Larsen &amp; Toubro Infotech, a global technology consulting and <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">digital</keyword> solutions company has signed a definitive agreement to acquire Cuelogic Technologies, a <keyword id="6022571" type="COMPANY" weightage="20" keywordseo="digital-engineering">Digital Engineering</keyword> and Outsourced Product Development company, headquartered in Pune, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. Founded in 2010, Cuelogic has built capabilities in digital engineering, and primarily focuses on developing cloud native web and mobile applications, modernization, and runs Innovation Lab as a service for its clients in the USA and India. Digital Engineering is a significant market opportunity, and this acquisition will provide instant access to a fast-growing business with impressive client roster, and more than 300 employees. Cuelogic works with enterprise clients on multiple facets of digitalization such as UX Consulting, <keyword id="1968247" type="COMPANY" weightage="20" keywordseo="DevOps">DevOps</keyword>, AI Consulting, IoT, Applications Modernization, Cloud Architecture &amp; Integration. With over 100 products successfully developed, Cuelogic helps global enterprises build and grow modern digital businesses. Sanjay Jalona, CEO &amp; Managing Director, <keyword id="2162690" type="COMPANY" weightage="20" keywordseo="LTI">LTI</keyword>, said: "We believe rapid productization is an essential requirement for accelerated digitalization across industries. Our clients are looking for agile solutions to compete effectively in a changing world. Digital engineering capabilities of Cuelogic Technologies combined with their tools and methodologies will help our clients innovate, launch products, accelerate time-to-market, and maintain products optimally. I welcome Cuelogic team, their customers, and partners to LTI family." Nikhil Ambekar, CEO, Cuelogic Technologies, said: "When Vikrant, Neel, and I cofounded Cuelogic, our goal was to bring rapid and reliable product development services to enterprises, and help them scale their digital transformation. Our digital expertise and unique culture have helped us build a solid foundation. As a company obsessed with engineering excellence, we find LTI to be our ideal partner for the next phase of our journey. LTI is the growth leader in the industry, and we are excited to further add strength to its formidable Digital capabilities." Cuelogic will be integrated with the Digital practice of LTI. This is the seventh acquisition by LTI since the company got listed in 2016. Earlier acquisitions have bolstered company's expertise around data &amp; analytics, cloud consulting, intelligent automation, and industry-specific platforms. About LTI LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 400 clients succeed in a converging world. With operations in 31 countries, we go the extra mile for our clients and accelerate their digital transformation with LTI's Mosaic platform enabling their mobile, social, analytics, IoT and cloud journeys. Founded in 1997 as a subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword>, our unique heritage gives us unparalleled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 35,000 LTItes enable our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a> <a href="https://www.businessinsider.in/stock-market/news/adani-group-under-sebi-scanner-on-market-manipulation/articleshow/83501698.cms">Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks</a>

Larsen & Toubro Infotech to buy Pune-based digital engineering firm CueLogic

New Delhi, Feb 1 () IT industry body Nasscom on Saturday said the government's Budget proposal to relax ESOP norms and dividend distribution tax removal for companies were positive, but lacked focus on accelerating services exports and R&amp;D from India.
 Nasscom President Debjani Ghosh said Budget 2020-21 articulated how technology is the bedrock of development and growth in India, and said the announcements on quantum computing centre, data centre policy and intellectual property rights (IPR) portal will create the digital infrastructure for industry and government.
 "It's heartening that Budget 2020 has simplified the employee stock option plan (ESOP) policy and extended the tax incentives for up to Rs 100-crore startups over a 10-year period. Incentives for MSMEs like audit exemptions for up to 5 crore companies will enable ease of business for small companies," Nasscom noted.
 It added that the removal of dividend distribution tax (DDT) -- a long-pending request from the industry -- will benefit companies that have global operations.
 "However, the Budget lacked focus on accelerating service exports from the country... a future-ready special economic zone (SEZ) policy is needed and there was no indication of that in the Budget," Nasscom rued.
 The focus on enabling more research and development (R&amp;D) solutions from India through specific programs was not covered, while schemes on upskilling/reskilling did not find any mention in the Budget, it pointed out.
 Nasscom said it will publish a more detailed analysis on the Budget and seek specific clarifications on key issues.
 The Budget has proposed deferring the tax payment on ESOPs by five years, until employees leave the company, or when they sell their shares - whichever is earlier. ESOPs give ownership interest to workers and are an important tool for companies, especially startups employees to reduce attrition rates and retain top talent.
 Internet and Mobile Association of India (IAMAI) said the proposals will promote entrepreneurship, and will boost investments.
 "The focus on technology and digital infrastructure is a step towards realising the trillion-dollar economy and will open up new opportunities for demand generation," IAMAI President Subho Ray said.
 The proposal to set up of investment clearance cell for entrepreneurs and offering assistance in funding is a welcome move, he added.
 L&amp;T Infotech CEO and MD Sanjay Jalona said the Budget's focus on artificial intelligence and targets set for quantum computing is a step in the right direction to strengthen India's position as a frontrunner in exponential technologies.
 "The decision to build data centre parks for the private sector is a step towards making India a data economy superpower," Tech Mahindra MD and CEO CP Gurnani said. SR ANS
ANS

Relaxation of startup ESOP norms, DDT removal for cos positive for IT industry: Experts

Samson David, who was handling <a href="http://www1.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys’</a> <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> (AI) platform <a href="http://www1.businessinsider.in/searchresult.cms?query=mana&amp;sortorder=effectivedate">Mana</a>, has resigned, becoming the fifth person to put in papers after chief <a href="http://www1.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal Sikka</a> took over the company’s reins. 
 David’s exit will come as a jolt to <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, which plans to turn around fortunes on AI and automation. 
 
David was appointed as Infosys’ IT infra chief by Sikka. In the past two years, many top executives including former CFO Rajiv Bansal, current L&amp;T Infotech CEO Sanjay Jalona, former EdgeVerve head Michael Reh have called it quits. 
 
David is likely to join <a href="http://www1.businessinsider.in/searchresult.cms?query=Hewlett+Packard+&amp;sortorder=effectivedate">Hewlett Packard Enterprise</a> (HPE) as the head of its enterprise services delivery business and report to HPE's global enterprise and outsourcing chief Mike Nefkens. 
 
David has worked with Voltas Ltd and was associated with Infosys since 1992 which he had joined as a trainee software engineer.

You Searched For "Sanjay Jalona" and got 4 results

LTI Q3 net profit rises to Rs 376.7 crore

PTI

Larsen & Toubro Infotech to buy Pune-based digital engineering firm CueLogic

PTI

Relaxation of startup ESOP norms, DDT removal for cos positive for IT industry: Experts

PTI

Infosys’ AI plans just suffered a setback due to exit of a key person

BI India Bureau

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