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L&T Technology Services stock falls 8% on weak Q1 earnings

L&T Technology Services stock falls 8% on weak Q1 earnings

L&T Technology Services stock slipped 8% to Rs 1325. The IT stock has fallen 5.19%  in last 2 days

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.

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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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