On Wednesday, the shares of the leading digital engineering and consultancy services provider fell by 5.5 percent to Rs 4,361 a share after the company cut revenue guidance for FY24.
At 12:50 p.m., L&T Technology Services Ltd shares were trading at Rs 4,374 per share, down Rs 242 or 5.15 percent from the previous close price. The company has a market capitalization of Rs 46,510 crore.
L&T Technology Services Ltd reported a 4.6 percent increase in revenue year on year, from Rs 2,281 crore in Q2FY23 to Rs 2,386 crore in the corresponding quarter of the previous year, Q2FY24. During the same period, net profit increased by 5.3 percent from Rs 299 crore to Rs 315 crore.
In comparison to the previous quarter, operational revenue increased by 3.7 percent from Rs 2,301 crore in Q1FY24 to Rs 2,386 crore in Q2FY24, Further net profit slightly increased by 1.2 percent from Rs 311 crore to Rs 315 crore. According to the company’s exchange filing.
During the quarter, the Company won a total of seven USD 10 million plus TCV deals across all industry segments including six deals of USD 15 million each.
On another side, The company has slashed its full-year FY24 revenue guidance to 17.5-18.5 percent year-on-year growth in constant currency (CC) terms.
The company shares have delivered returns of 27 percent in six months and 19 percent in a year.
According to the recent shareholding pattern, the company promoters hold 73.77 percent of the company, Domestic institutional investors hold 11 percent and retail investors hold a 9.32 percent stake.
L&T Technology Services Ltd 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 Omkar Chitnis
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