The shares of this engineering company jumped around 1 percent in Tuesday’s trading session after it announced a partnership with global energy firm BP. The shares have delivered more than 30 percent to its shareholders on a YTD basis.
With a market capitalisation of Rs. 52,655 crores, the shares of L&T Technology Services Ltd started Tuesday’s trading session positively at Rs. 4,979 compared to its previous close of Rs. 4,944. The shares hit a high of Rs. 5,015, gaining around 1 percent, which is also recorded as the company’s fresh 52-week high and is currently trading at Rs. 4,988 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing mentioned that they have partnered with BP, plc. one of the world’s largest diversified energy companies. This collaboration underscores L&T Technology Services Ltd’s domain expertise in the energy segment, focusing on engineering to drive productivity improvement.
In addition, both companies intend to focus on improving operational excellence. The arrangements are as are expected to include engineering for projects, turnarounds, maintenance improvements, engineering data management, technical writing and services for Sustainability initiatives.
Coming onto the company’s financial statements, the revenue increased by 4 percent from Rs. 2,301 crores in the June quarter to Rs. 2,386 crores during the September quarter. Moreover, the net profits increased marginally around 1.2 percent from Rs. 312 crores to Rs. 316 crores during the same timeframe.
The company gets revenue from many geographical locations across the world, primarily from North America contributing 55 percent towards the company’s revenue, furthermore, they receive 15.8 percent of revenue from Europe, 21.06 percent from India and the remaining 7.3 percent of revenue from the rest of the world.
Headquartered in Mumbai, L&T Technology Services Ltd was incorporated in 2012. The company 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 Vaibhav Patil
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