L&T Technology in limelight

L&T Technology Services rose almost 3% in the opening bell session to Rs.848; it has come off this level and is now at Rs.840, up 2%. Its 52-week high is at Rs.869.40.

The company declared encouraging numbers for Q2FY18. It posted a good 9.5% (QoQ) growth in revenue at Rs.900 crore. Net profit showed a very healthy 25.5% jump at Rs.12 crore.

EBIT too did well with a 10% rise at Rs.138 crore and margins showed a very marginal rise from 15.2% to 15.3%.

The performance was led by large deal wins and the company is confident of achieving a double digit organic revenue growth in FY18 on the back of major deal wins in its top 30 customers and new client additions.

During the second quarter, the company added 11 customer logos and won over half a dozen multi-million dollar deals from its global customers across Transportation, Telecom & Hi-Tech & Process Industries.