L&T Technology Services slips 8% on disappointing June quarter results

Shares of L&T Technology Services (LTTS) slipped 8 per cent to Rs 1,325 in the intra-day trade on the BSE on Friday on profit booking after the company reported a disappointing set of June quarter (Q1FY21) numbers. In the past three weeks, the stock of L&T group company had rallied 14 per cent, as compared to a 4.7 per cent rise in the S&P BSE Sensex.

In Q1FY21, LTTS’s revenues stood at 193.9 million, down 12.7 per cent quarter-on-quarter (QoQ), 10.9 per cent year-on-year (YoY) in constant currency terms. Rupee revenues declined 10.5 per cent QoQ at Rs 1,347 crore. EBIT (earnings before interest and tax) margins fell 310 bps QoQ to 12.1 per cent.