L&T Infotech share raised for all-time high after 17% jump in Q1 net profit

L&T Infotech share raised for all-time high after 17% jump in Q1 net profit

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.

Larsen & Toubro Infotech (LTI) share price jumped nearly 7 percent on Thursday morning i.e July 16 to hit a new high of Rs 2,340. At 10:35 a.m., the stock was trading 4.49 percent higher at Rs 2294.15 on BSE.

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.

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

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