L&T Technology Services Ltd Share Price – NSE  /  BSE

IT - Software, Small Cap

Bajaj Finance Ltd, KPI Green Energy Ltd, Paisalo Digital Ltd and Godfrey Phillips India Ltd are among the other losers in the BSE's 'A' group today, 26 April 2024.

L&T Technology Services Ltd crashed 7.84% to Rs 4775 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 51431 shares were traded on the counter so far as against the average daily volumes of 5850 shares in the past one month.

Bajaj Finance Ltd tumbled 7.68% to Rs 6733.65. The stock was the second biggest loser in 'A' group.On the BSE, 2.29 lakh shares were traded on the counter so far as against the average daily volumes of 43954 shares in the past one month.

KPI Green Energy Ltd lost 5.00% to Rs 2003.8. The stock was the third biggest loser in 'A' group.On the BSE, 16503 shares were traded on the counter so far as against the average daily volumes of 65121 shares in the past one month.

Paisalo Digital Ltd shed 4.99% to Rs 73.05. The stock was the fourth biggest loser in 'A' group.On the BSE, 3.41 lakh shares were traded on the counter so far as against the average daily volumes of 2.19 lakh shares in the past one month.

Godfrey Phillips India Ltd pared 4.62% to Rs 3301.65. The stock was the fifth biggest loser in 'A' group.On the BSE, 8254 shares were traded on the counter so far as against the average daily volumes of 6714 shares in the past one month.

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Net profit of L&T Technology Services rose 0.24% to Rs 340.90 crore in the quarter ended March 2024 as against Rs 340.10 crore during the previous quarter ended March 2023. Sales rose 7.04% to Rs 2537.50 crore in the quarter ended March 2024 as against Rs 2370.60 crore during the previous quarter ended March 2023.

For the full year,net profit rose 7.56% to Rs 1303.70 crore in the year ended March 2024 as against Rs 1212.10 crore during the previous year ended March 2023. Sales rose 9.44% to Rs 9647.30 crore in the year ended March 2024 as against Rs 8815.50 crore during the previous year ended March 2023.

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Revenue from operations jumped 7.04% to Rs 2,537.5 crore in the quarter ended 31 March 2024 as compared with Rs 2,370.6 crore in the quarter ended 31 December 2023.

As compared with Q4 FY23, the company’s net profit declined 5.41% and revenue fell 6.58% in the quarter.

Profit before tax stood at Rs 471 crore, up 1.18% QoQ and 1.86% YoY in Q4 FY24

EBITDA increased by 3.1% QoQ and 4.7% YoY to Rs 502.8 crore in Q4 FY24. EBITDA margin stood improved to 19.8% as in Q4 FY24 as against 20.1% in Q3 FY24 and 20.3% in Q4 FY23. EBIT margin was at 16.9% in Q4 FY24 as against 17.2% in Q3 FY24 and 17.9% Q4 FY23.

In dollar terms, the company's revenue stood at $305.1 million in Q4 FY24, registering a growth of 5% QoQ and 5.8% YoY. In constant currency, the firm reported a rise of 5.1% QoQ and 6.3% increase on YoY basis.

During the quarter, LTTS signed one $100 million, one $30 million and two deals each of $20 million and $10 million. Additionally, the IT firm has signed one significant empanelment agreement.

At the end of Q4FY24, the patents portfolio of L&T Technology Services stood at 1,296, out of which 833 are co-authored with its customers and the rest are filed by LTTS and employee strength stood at 23,812.

On full year basis, the company’s net profit jumped 7.56% to Rs 1303.7 crore in FY24 as compared with Rs 1212.1 crore in FY23. Revenue from operations increased 9.44% YoY to Rs 9647.3 crore in FY24.

Meanwhile, the company’s board has declared a dividend of Rs 33 per equity share for FY24.

Amit Chadha, CEO & managing director, L&T Technology Services, said, “With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2Bn run-rate, a year after we moved past the $1Bn mark. We won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and Digital Forensic solutions.

We are proud of the milestones achieved in FY24 which include the successful integration of SWC into LTTS, securing several significant wins in cybersecurity and next-generation communications supported by a comprehensive portfolio, filing 54 patents in AI along with a total of 1,296 patents to date, and developing a robust pipeline of opportunities in the Software-Defined Vehicle (SDV) domain.

We are now embarking on the next stage of growth with a ‘Go Deeper to Scale’ strategy under which we will streamline our organization into 3 segments – Mobility, Sustainability and HiTech. This cohesive structure will enhance our agility and domain specialization to unlock higher value for customers and employees.”

LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services. It offers consultancy, design, development and testing services across the product and process development life cycle.

The scrip dropped 8.29% to Rs 4,751.45 on BSE.

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The frontline indices pared early gains and traded with minor losses in morning trade. The Nifty traded below the 22,500 level after hitting the day's high of 22,620.40 in early trade. IT shares witnessed buying demand for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 160.29 points or 0.22% to 74,177.60. The Nifty 50 index lost 37.15 points or 0.16% to 22,533.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.49% and the S&P BSE Small-Cap index added 0.27%.

The market breadth was positive. On the BSE, 1,944 shares rose and 1,466 shares fell. A total of 189 shares were unchanged.

Politics:

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Results Today :

Maruti Suzuki India (up 0.43%), HCL Technologies (up 1.11%), Aditya Birla Sun Life AMC (down 0.08%), Bajaj Finserv (down 3.03%), SBI Life Insurance Company (down 0.05%), Shriram Finance (up 1.26%), Bajaj Holdings & Investment (down 0.81%), CSB Bank (up 0.43%), Eveready Industries India (up 5.93%), Force Motors (down 1.19%), Indiabulls Real Estate (down 0.22%), Bank of Maharashtra (up 0.75%), Mastek (up 1.83%), Motilal Oswal Financial Services (down 0.73%), and SBI Cards and Payment Services (up 0.34%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty IT Index gained 1.59% to 34,089.55. The index rallied 1.93% in two consecutive trading sessions.

Tech Mahindra (up 10.96%), Mphasis (up 4.25%), LTIMindtree (up 3.39%), Coforge (up 2.71%), Wipro (up 1.87%), Persistent Systems (up 1.55%), HCL Technologies (up 1.22%), Tata Consultancy Services (up 0.26%) and Infosys (up 0.13%) advanced.

Tech Mahindra surged 10.96% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.

On a year on year (YoY) basis, Tech Mahindra's net profit dropped 40.86% while revenue fell 6.17% in Q4 FY24.

L&T Technology Services (LTTS) tumbled 8.42%. The IT major's consolidated net profit rose 1.4% to Rs 340.9 crore on 4.8% rise in revenue to Rs 2537.5 crore in Q4 FY24 over Q3 FY24.

Stocks in Spotlight:

Som Distilleries & Breweries added 1.17% after the company’s consolidated net profit jumped 17.97% to Rs 18.84 crore in Q4 FY24 as compared with Rs 15.97 crore in Q4 FY23.

Schaeffler India shed 0.83%. The company has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.

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