L&T Infotech has reported 15.9 percent increase in Q4 revenue to $409.9 million and 13 percent increase in fiscal year revenue to $1.524.7 billion.
“We announced two large deals in Q4 with TCV in excess of $100 million, culminating in a record 8 large deal wins for us in FY20,” L&T Infotech CEO Sanjay Jalona said in a statement on Tuesday.
The company said it expects the next two quarters to be challenging as the Covid-19 factor plays out amongst its clients and discretionary spending also takes a hit.
L&T Infotech is expecting pressure in the BFSI sector as mortgages-related defaults occur. BFSI contributes around 44 percent of its revenues.
L&T Infotech has deferred increase in wage to its employees for FY20. The company did not announce any salary cut.
The company has 31,437 employees during the January-March quarter of 2020 as compared with 31,419 in October-December quarter of 2019 and 28,169 in the January-March quarter of 2019.