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Last Updated : Jan 17, 2020 10:40 AM IST | Source: Moneycontrol.com

L&T Infotech share price falls 2% despite marginal rise in Q3 profit

The company said its digital revenues accounted for 41 percent of its overall revenues. The company's revenue in US dollar terms grew 13.7 percent year-on-year to USD 394.4 million.

Equities | Nifty50 as on 31 December 2018: 10,863 | Nifty50 as on 13 December 2019: 12,087 | Return: 11.27 percent | NAV (if you had invested Rs10,000 at the beginning of the CY2019): Rs 11,127
Equities | Nifty50 as on 31 December 2018: 10,863 | Nifty50 as on 13 December 2019: 12,087 | Return: 11.27 percent | NAV (if you had invested Rs10,000 at the beginning of the CY2019): Rs 11,127
 
 
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Shares of Larsen & Toubro Infotech fell over 2 percent in morning trade on January 16, a day after the company released its December quarter numbers.

The company reported a nominal increase in consolidated net profit to Rs 376.7 crore for the quarter ended December 2019. This is against a net profit of Rs 375.5 crore in the same period a year ago, LTI said in a statement.

However, shares of the company had closed 2.93 percent up at Rs 1,933.15 on BSE on January 15 and there was no immediate reaction to the earnings numbers.

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Its revenue grew 13.7 percent to Rs 2,811.1 crore in the reported quarter from Rs 2,472.9 crore in the year-ago period, it added.

Sequentially, the net profit was up 4.6 percent, while the topline rose 9.4 percent.

The company said its digital revenues accounted for 41 percent of its overall revenues. The company's revenue in US dollar terms grew 13.7 percent year-on-year to USD 394.4 million.

Its total headcount stood at 31,419 people at the end of the September 2019 quarter, while attrition was at 17.7 percent.

Global brokerage firm Credit Suisse has maintained outperform view on L&T Infotech and raised the target price to Rs 2,200 from Rs 1,900.

"Resurgent BFS paves way for strong growth revival. We upgrade revenue growth estimates by 2 percentage point over FY21-22 and model in 15 percent CC revenue growth over FY20-22," Credit Suisse said.

Shares of L&T Infotech traded 1.15 percent down at Rs 1,910.85 on BSE around 10:30 hours IST.

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First Published on Jan 16, 2020 10:44 am
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