L&T Technology Services Ltd. on Thursday reported an 8% fall in its net profit on a sequential basis for the first quarter of this financial year.
The information technology company reported a bottom line of Rs 314 crore in the quarter-ended June as compared with Rs 341 crore during the previous quarter, according to its stock exchange notification. That compares with the Rs 323.6 crore analysts' estimate tracked by Bloomberg.
Revenue for the company fell 3% quarter-on-quarter to Rs 2,462 crore. Analysts tracked by Bloomberg had pegged the top line at Rs 2,532.3 crore.
Operating income or earnings before interest and tax, fell 10.4% on a quarterly basis to Rs 384 crore, while the EBIT margin contracted to 15.6% from 16.9% during the previous quarter.
"With phase one of our reorganisation and related investments in technology and leadership complete, we are reassured of our performance for the rest of the year and reaffirm our aspirations to reach $1.5 billion in annualised revenues,” said Amit Chadha, CEO and Managing Director, L&T Technology Services.
The scrip closed 0.05% lower at Rs 4,865 apiece, as compared to a 0.76% advance in the NSE Nifty 50. It has risen 19.23% in the last 12 months, and it is down 6.92% on a year-to-date basis.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
