L&T Technology Stock Hits New 52-Week High On Robust Q1 Earnings

L&T Technology Services' stock was on a spree after a strong June 2021 quarter, jumping as much as 15% in early trade on Thursday.

Its revenue recovery continues, with a sequential increase of 4.3 percent in constant currency. The engineering services division of the Larsen & Toubro Group recorded a net profit of Rs 208.60 crore, up 83.30 percent over the previous quarter's profit of Rs 113.80 crore.

For the reporting quarter, total revenue climbed by 19.42 percent to Rs 1,562.6 crore, while operating profit increased by 5.20 percent to 17.3 percent, the highest level ever.

• Market cap: 35.17TCr
• LTP: 3,347.95
• P/E ratio: 53.22
• Div yield: 0.66%
• Prev close: 2,910.95
• 52-wk high: 3,370.00
• 52-wk low: 1,341.15

Because of levers like increasing digitalization, the company stated it could expand profits, he added, adding that the amount of work done offshore has also increased to 58 percent of billing, up from 50 percent before the epidemic.

L&T Technology raised its sales growth forecast for FY2022 to 15-17 percent. This forecast implies a compounded quarterly growth rate of 2-3.1 percent over the following three quarters, according to analysts.