L&T Technology Services rallies 14% on strong Q1 results
Posted on 24th July 2018 |
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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 5.6% QoQ in constant currency, 32% YoY, LTTS said in a press release.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 170 bps at 17% from 15.3% in previous year quarter.
During the first quarter, LTTS won five multi-million dollar deals across process industry, telecom & hi-tech, industrial products and transportation.
“We had a strong first quarter with 5.6% sequential revenue growth that was broad based. Process Industry, a key differentiator for LTTS has come back as a growth engine with double-digit sequential growth in the quarter. The demand environment remains healthy and we are seeing clients prioritizing spending on digital engineering to gain the competitive edge and achieve faster time to market,” said Dr Keshab Panda, CEO & Managing Director, LTTS.
LTTS is a subsidiary of Larsen & Toubro (L&T) focused on Engineering and R&D (ER&D) services.
At 10:42 am; LTTS was trading 11% higher at Rs 1,447 on the BSE, as compared to 0.44% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 466,135 equity shares changed hands on the BSE and NSE so far. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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