L&T Technology Services surges over 10% on good Q3 results

The stock surged 13% to Rs 1,145 on BSE, trading close to its record high of Rs 1,150 touched on January 4, 2018 in intra-day trade.

L&T Technology Services (LTTS) surged 10% to Rs 1,116 on the National Stock Exchange (NSE) in early morning trade after the company reported sequential US dollar revenue growth of 8.3% at $ 151 million in October-December quarter (Q3FY18). On constant currency basis revenue growth during the quarter under review at 8.3% over the July-September (Q2FY18) quarter.

On rupee term, the company’s net profit grew 2.8% at Rs 1,263 million in Q3FY18 against Rs 1,152 million in Q2FY18. Revenue was up 7.6% at Rs 9,691 million over the previous quarter.

“We delivered broad based growth with all verticals registering growth on an annual basis including Process Industry which has rebounded. We sustained EBTIDA margins at 15.3% and managed to offset the impact of wage hikes to employees,” said Dr Keshab Panda, CEO & Managing Director, LTTS.

We remain optimistic on growth as we see a healthy demand environment. With the global economic momentum picking up, our clients are investing in new technologies at a rapid pace. During the quarter LTTS won several multi-million dollar deals and deal sizes in our pipeline are inching up, Dr Keshab Panda added.

On the BSE, the stock surged 13% to Rs 1,145, trading close to its record high of Rs 1,150 touched on January 4, 2018 in intra-day trade. A combined 90,819 shares changed hands on the counter on BSE and NSE so far.