Share price of L&T Technology Services (LTTS) fell in trade today after the firm reported a 42.5 per cent decline in consolidated net profit in Q1 of current fiscal. L&T Technology Services stock slipped 8% to Rs 1325. The IT stock has fallen 5.19% in last 2 days.
The stock opened with a loss of 3.27% today. The stock is trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages.
It has lost 17% in an year and fallen 5.84% since the beginning of this year. In Q1, the firm reported profit of Rs 117.3 crore against Rs 203.9 crore profit in the same period last year. On the quarter-on-quarter basis, profit fell 42.7 per cent from Rs 204.8 crore in the March quarter of FY20.
The engineering services arm of Larsen and Toubro Group reported consolidated revenue of Rs 1,294.7 crore in June quarter of 2020 versus Rs 1,347.5 crore in the year-ago period, registering a fall of 3.9 per cent. On a sequential basis, revenue declined 10.7 per cent as against Rs 1,446.6 crore in March quarter.
"During the quarter, LTTS won 9 multi-million dollar deals across all major industry segments which include one deal with TCV of $30 million plus and two deals with TCV of $15 million plus," the company said in a filing to the Bombay Stock Exchange.
On an annual basis, the company has increased its $10 million+ clients by 5 and its $1 million+ clients by 3, it said.
"At the end of the first quarter, the patents portfolio of L&T Technology Services stood at 525, out of which 385 are co-authored with its customers and the remaining 140 are filed by LTTS," it said in the filing.
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