L&T Technology zooms 19 percent After Profit Jumps 84% In June Quarter
Published On: Thursday, July 15, 2021 | By: Team KnowMyStock
Shares of L&T Technology Services (LTTS) zoomed 19 percent to a record high of Rs 3,471.95 on the BSE in intra-day trade on Thursday after the company reported better-than-expected June quarter (Q1FY22) results. The company's net profit surged 84 percent year-on-year in the June quarter as its profit came in at ₹ 117.3 crores in the corresponding period of the previous fiscal year. The technology services company's revenue from operations during the quarter stood at ₹ 1,518 crores, compared to ₹ 1,294.7 crores in the year-ago period, marking a growth of 17 percent annually, according to a regulatory filing by the firm to the stock exchanges. The company said that it could expand the margins because of levers like higher digitalization, he said adding that the quantum of work done offshore has also increased to 58 percent of the billing as against 50 percent before the pandemic.
The company secured six deals with TCV worth over $10 million during the April-June period, while revenues from digital and leading-edge technologies stood at 54 percent.The company has identified six focus areas from a future growth perspective in which it will be investing. The list includes automated electric vehicles, 5G telecom, medical technologies, digital manufacturing, AI/ML and sustainability, the company said.
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