L&T Technology Services (LTTS) tumbled 5.43% to Rs 1361 after the company's consolidated net profit declined 42.5% to Rs 117.20 crore on a 3.9% fall in net sales to Rs 1294.70 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax stood at Rs 159.70 crore in Q1 June 2020, falling 42.4% from Rs 277.3 crore in the same period last year. Total tax expense for Q1 June 2020 were at Rs 41.7 crore, falling 43% from Rs 73.2 crore in Q1 June 2019.Consolidated EBITDA stood at Rs 205.9 crore in Q1 June 2020, tumbling 24.5% from Rs 272.70 crore in Q1 June 2019. EBITDA margin stood at 15.9% in Q1 June 2020, lower than 20.2% in Q1 June 2019.
Meanwhile, LTTS has executed a definitive agreement to acquire 100% stake in Orchestra Technology, a specialist technology solutions provider for the telecom industry. Orchestra is based in Texas, USA and will enable LTTS to strengthen its capabilities in Telecom Network Engineering and Modernization Services that will be a key differentiator as 5G rollouts take off across geographies. It will also provide LTTS strategic access to Telecom service providers who are investing in next generation digital systems for 5G and IoT networks.
LTTS is an engineering research and development services company. The firm is engaged in providing a range of engineering services and related technologies in the areas of embedded systems, mechanical and others.
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