L&T Tech Services shares zoom 19 pc; touch 52-week high after Q1 earnings

Shares of L&T Technology Services (LTTS) on Thursday zoomed 19 percent after the company reported an 84 percent jump in its June quarter net.

The stock zoomed 19.08 percent to close at Rs 3,465.65 at the BSE. During the day, it rallied 19.99 percent to Rs 3,492.25 -- its 52-week high.

On the NSE, it gained 18.68 percent to close at Rs 3,455.

L&T Technology Services on Wednesday reported an 84 percent 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 percent 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 percent 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 uping its revenue growth guidance to 15-17 percent in FY22, as against the earlier 13-15 percent because of the prospects that it sees, and is also more confident about the profit margins.