L&T Tech Services shares zoom nearly 16 %; touch 52-week high after Q1 earnings

Shares of L&T Technology Services (LTTS) on Thursday zoomed nearly 16 per cent after the company reported an 84 per cent jump in its June quarter net.

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The stock zoomed 15.67 per cent to Rs 3,366.40 -- its 52-week high -- at the BSE.

At the NSE, it gained 15.59 per cent to Rs 3,365 -- its 52-week high.

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.

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.