L&T Infotech share price jumps 4% after 17% jump in Q1 net profit

Consolidated revenue from operations saw an 18.7 percent YoY jump to Rs 2,949.20 crore; sequentially, it was down 2.1 percent.

Moneycontrol News @moneycontrolcom

Larsen & Toubro Infotech (LTI) share price jumped 4.36 percent to close at Rs 2,291.25 on BSE on July 16.

The company had a day earlier reported a 17.1 percent year-on-year (YoY) jump in consolidated net profit for the quarter ended June 30, 2020, at Rs 416.4 crore. On a quarter-on-quarter (QoQ) basis, profit was down 2.6 percent.

Consolidated revenue from operations saw an 18.7 percent YoY jump to Rs 2,949.20 crore; sequentially, it was down 2.1 percent.

In dollar terms, constant currency (CC) revenue decreased 4.7 percent QoQ but grew 10.6 percent YoY.

The company's basic earnings per share stood at Rs 23.92 against Rs 20.51 YoY.

"In a quarter marked by a challenging environment, we have delivered revenue growth of 10.6 percent YoY in constant currency and closed a large deal as well,” Chief Executive Officer and Managing Director Sanjay Jalona said.

On July 14, the company released its shareholding pattern for the June quarter, which showed foreign portfolio investors (FPIs) had raised stake during the period.

Under the FPI segment, St. James's Place Emerging Markets Equity Unit Trust (managed By Wasatch Advisors Inc) raised stake in the company to 24,64,078 shares against 18,06,985 shares held in the March quarter.

Source - Moneycontrol

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