HCL Technologies shares tumbles after Q1 earnings
HCL Technologies announced its numbers after the close of market hours.
Shares of L&T Technology Services (LTTS) on Thursday zoomed over 17 per cent after the company reported a massive jump in its June quarter net.
At 1.54 pm, LTTS stock zoomed 17.72 per cent to Rs 3,426, with its 52-week high of 3447.35 at the BSE.
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L&T Technology Services on Wednesday reported an 84 per cent jump in its June quarter net at Rs 216.2 crore, largely on widening margins.
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The company, the engineering and research and development services arm of the infra major L&T, had posted a net profit of Rs 117.2 crore in the year-ago period.
Its overall revenue increased by 19.42 per cent to Rs 1,562.6 crore for the reporting quarter.
“Certain degree of normalcy has come back in the US and also Europe (which contribute over 80 per cent of revenues). Decision making has come back. Japan and India will also eventually come back,” its newly-inducted chief executive and managing director Amit Chadha told PTI.
Chadha said the company is now upping its revenue growth guidance to 15-17 per cent in FY22, as against the earlier 13-15 per cent because of the prospects that it sees, and is also more confident about the profit margins.
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