L&T Technology Services Shares Fall 4% As Company Cuts Revenue Guidance For FY24

L&T Technology Services Shares Fall 4% As Company Cuts Revenue Guidance For FY24

Its revenue grew 4.6 per cent to Rs 2,386.5 crore from the year-ago period's Rs 2,281.7 crore. The same stood at Rs 2,301.4 crore in the quarter-ago period.

PTIUpdated: Wednesday, October 18, 2023, 01:10 PM IST
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L&T Technology Services Shares Fall 4% As Company Cuts Revenue Guidance For FY24 | File

Shares of L&T Technology Services declined 4 per cent on Wednesday after the company lowered its revenue growth guidance for the current fiscal.

The stock fell 4 per cent to Rs 4,429.15 on the BSE and at the NSE, it dropped 3.97 per cent to Rs 4,430.

L&T Technology Services on Tuesday posted a 5 per cent increase in September quarter net profit at Rs 315.4 crore but lowered its revenue growth guidance for the current fiscal.

The engineering services company had reported a net profit of Rs 300 crore in the year-ago period.

Its revenue grew 4.6 per cent to Rs 2,386.5 crore from the year-ago period's Rs 2,281.7 crore. The same stood at Rs 2,301.4 crore in the quarter-ago period.

The company's chief executive and managing director Amit Chadha said the slower revenue growth is due to integration with an acquired entity, and added that the growth would have been 16 per cent if not for the integration.

However, he said the company is revising down the revenue growth guidance to 17.5-18.5 per cent on a constant currency basis for FY24 as a prudential measure given the current economic uncertainties.

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