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Wednesday, May 12, 2021

L&T tech drops more than 7% after reporting Rs 204.8 crore profit in March quarter

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L&T Technology shares were last down 7.29 percent at Rs 2,593 on BSE.

Larsen and Toubro (L&T) Technology Services’ share price fell more than seven percent on Tuesday, May 4, a day after the company announced its January-March quarterly results for fiscal 2020-21 . L&T Technology opened on BSE at Rs 2,700 on Tuesday, witnessing an intraday high of Rs 2,700 and an intraday low of Rs 2,560, in the trading session so far. According to a regulatory filing by the form with the ESB, L&T Technology reported a consolidated profit of Rs 204.8 crore in the March quarter, compared to Rs 186.1 crore in the previous October-December quarter for the 2020-2021 fiscal year.

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According to the statement, L&T Technology services revenues increased from Rs 1,400.7 crore to Rs 1,446.6 crore on a quarterly basis. On the NSE, L&T Technology opened at Rs 2,690, touching an intraday high of Rs 2,690 and an intraday low of Rs 2,557.80, in the trading session so far. It was last down 7.28 percent to Rs 2,593.75 on the NSE.

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On May 3, the board of directors of the company recommended a final dividend of 725 percent, or 14.50 rupees per share with a par value of 2 rupees each. This is subject to the approval of the company’s shareholders. L&T Technology added that the closing date of the book for the purposes of the final dividend will be notified at a later date.

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Meanwhile, L&T Technology today announced that the board of directors of the company has re-appointed Mr. Narayanan Kumar as an independent director of the company for a further period of three years and seven months effective July 15. 2021 until January 14, 2025 inclusive. This decision is subject to shareholder approval.

L&T Technology shares were last down 7.29 percent at Rs 2,593 on BSE.

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