L&T Technology Services rallies 14% on strong Q1 results

The stock rallied 14% to Rs 1,485 on the BSE in early morning trade after the company reported more than doubled net profit at Rs 1,981 million in June quarter.

Shares of L&T Technology Services (LTTS) have rallied 14% to Rs 1,485 per share on the BSE in early morning trade after the company reported a more-than-double net profit of Rs 1,981 million in June quarter (Q1FY19). The L&T group company had profit of Rs 980 million in the year ago quarter.

The revenue during the quarter under review grew 40% at Rs 11.52 billion against Rs 8.23 billion in the corresponding quarter of previous fiscal. On sequential basis, revenue and net profit increased by 9.2% and 24%, respectively.

In US dollar terms, revenue stood at $169 million; growth of