L&T Infotech slips after weak Q1

Larsen & Toubro Infotech was down 3.82% to Rs 1517.35 at 10:30 IST on the BSE after consolidated net profit declined 6.09% to Rs 355.8 crore on 0.04% decline in net sales to Rs 2484.9 crore in Q1 June 2019 over Q4 March 2018.

The announcement was made after market hours yesterday, 18 July 2019.

Meanwhile, the S&P BSE Sensex was down by 278.2 points or 0.72% to 38,619.26.

On the BSE, 13000 shares were traded in the counter so far compared with average daily volumes of 14000 shares in the past two weeks. The stock had hit a high of Rs 1580 and a low of Rs 1500 so far during the day. It hit a 52-week high of Rs 1990 on 10 September 2018 and a 52-week low of Rs 1438.25 on 10 December 2018.

The earnings before interest, tax, depreciation and amortization (EBITDA) margin was 19.4% in Q1 June 2019 compared to 19.2% in Q4 March 2019.

The company announced that it has signed a definitive agreement to acquire 100 % stake in Lymbyc Solutions, on 16 July 2019. Lymbyc is a specialist AI, machine learning, and advanced analytics company.

Sanjay Jalona, chief executive officer & managing director said, The company has delivered 12.9% YoY revenue growth in constant currency driven by digital services that now make up 39% of company's revenues. L&T Infotech has also won a large deal by opening a new client logo in Insurance vertical with net-new TCV of US$44 million."

L&T Infotech is a global technology consulting and digital solutions companies helping more than 300 clients succeed in a converging world.

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