L&T Infotech Q1 net profit lag 1.5pc, Stock down

The stock of Larsen & Toubro Infotech, was buzzing negatively on the exchanges after the company reports weak numbers for Q1FY20. The IT major on Thursday reported a 1.5% declines in consolidated net profit to Rs.355.8-Cr for the first quarter ended June 2019, v/s a net profit of Rs 361.3-Cr that was reported in the equivalent period a year ago. However, its revenue reached higher by 15.3% to Rs2484.9-Cr in the reported quarter from Rs.2155.7 crore in the year-ago period.

Reacting to the earning report, the stock was volatile in the morning session. Larsen&Toubro Infotech which opened at Rs1569.90per share registered a low of Rs.1495 at intraday and also buzzed to a high of Rs.1,569.90 per share. At 12.50pm, the stock was trading at Rs.1519.20 per share, down by 3.62% on Friday.

Meanwhile, the benchmark indices were down beat with BSE Sensex at 38522.84 down by 374 points and Nifty at 11,479.70, down by 117 points in trade.