The share price of L&T Infotech rallied over 6 percent to hit an all-time high of Rs 2,340 after the IT firm posted better than estimated operating performance in the first quarter of fiscal 2021.

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At 10:45 am, the shares were trading 4.99 percent higher at Rs 2,305 apiece.

The company’s net profit in Q1FY21 fell 2.6 percent to Rs 416.4 crore from Rs 427.5 crore in the previous quarter. The profit was higher than CNBC-TV18 analysts’ poll estimates of Rs 385.5 crore.

Revenue declined 2.1 percent to Rs 2,949 crore as against Rs 3,012 crore, QoQ. CNBC-TV18 poll had estimated profit of Rs 2,940 crore.

Revenue in dollar terms decreased 4.8 percent to $390.3 million while in Constant Currency terms it fell 4.7 percent, QoQ.

Operating performance of the company improved as EBIT during the quarter rose 2.1 percent to Rs 514 crore from Rs 503 crore while EBIT margin expanded by 90 bps to 20.1 percent from 19.2 percent, QoQ.

“In a quarter marked by a challenging environment, we have delivered revenue growth of 10.6% YoY in constant currency and closed a large deal as well. We remain committed to exceeding client expectations in the face of this unprecedented pandemic while prioritizing the health and well-being of our people,” said Sanjay Jalona, Chief Executive Officer & Managing Director, L&T Infotech.

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