The share price of this leading IT firm gained 2 percent to an Intraday high of Rs 4,893.95 per share on Monday after the company announced a strategic partnership with IIT Hyderabad to drive advancements in ADAS and C2VX communication.
With a market capitalization of Rs 50,691 Crores, at 12:57 pm, the shares of L&T Technology Services Ltd (LTTS) company moved up by 2 percent, trading at Rs 4,890.95 a piece on Tuesday’s afternoon session. Comparing today’s high of Rs 4,893.95 per share and to a previous close of Rs 4,799.15 per share, the stocks surged by 2 percent.
According to the company’s stock exchange filings, the company announced a strategic partnership with IIT Hyderabad to improve Advanced Driver Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (C2VX) communication. This partnership represents an important jump in the automotive industry by bringing in advanced technologies across the areas mentioned above.
The filings also mentions that L&T Technology and IIT Hyderabad’s engagement is to facilitate research and application of ADAS and CV2X technologies, focusing on Uplifting road safety, efficiency, and overall driving experience.
Analyzing the financials of L&T Technology Services, On a year-on-year basis, the revenue from operations increased by 9 percent from Rs. 7,910 crores in FY22-23 to Rs 8,679 crores in FY23-24 and the net profits of the firm also decreased by 9 percent from Rs. 1,153 crores in FY22-23 to Rs 1,258 crores in FY23-24.
In FY24, the company derived 41 percent of its revenue from onsite operations, with the remaining 59 percent sourced from offshore activities. Additionally, the EBIT margin, dividend payout ratio, and ROE for the year were reported at 17 percent, 41 percent, and 27 percent respectively.
The shares of this company generated an overall return of 25.3 percent over the past 1 year and 10.3 percent over the past 1 month.
As of March 2024, its shareholding pattern stood at 73.74 percent for promoters, 8.41 percent for the public, 5.51 percent for foreign institutional investors, and 12.33 percent for domestic institutional investors.
Incorporated in 2012, L&T Technology Services (LTTS) is a leading engineering company that offers engineering, research, and development (ER&D), and digitalization solutions to companies in areas such as Transportation, Industrial Products, Telecom and Hi-Tech, Medical Devices, and Plant Engineering.
Written by Zahal
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