L&T Infotech rises 6%, hits new high as June quarter profit rises 17% YoY

Shares of Larsen & Toubro Infotech (LTI) rose 6.58 per cent to hit a fresh all-time high of Rs 2,340 on the BSE on Thursday after the mid-size IT services firm reported a 17.1 per cent year-on-year (YoY) rise in consolidated net profit for June quarter (Q1FY21) at Rs 414.6 crore on account of lower operating expenses.

Revenue of the Mumbai-headquartered IT services firm rose 18.7 per cent year-on-year to Rs 2,949.2 crore during this period. It, however, declined 2.1 per cent on a quarter-on-quarter basis. In constant currency terms, revenues came in at $390.3 million, a 4.7 per cent fall on a quarter-on-quarter basis. Operating margin of the Larsen & Toubro group company expanded 90 basis points sequentially to 20.1 per cent in the three-month period. The company has won one large deal in the first quarter, the mid-tier IT firm said in an exchange filing.