L&T Infotech Sheds Around 3% Even After Profit Rises 19% In June Quarter

Share price of Larsen and Toubro (L&T) Infotech declined around three per cent on Friday, July 16, after the company announced its April-June quarter results for the financial year 2021-22. On Friday, L&T Infotech opened on the BSE at Rs 4,396.10, inching to an intra day high of Rs 4,396.10 and an intra day low of Rs 4,253.35, during the trading session so far. The IT firm reported a net profit of Rs 496.8 crore on a consolidated basis in the first quarter of the current fiscal year.

The company's profit increased 19.3 per cent year-on-year as its net profit came in at Rs 416.4 crore in the corresponding quarter of the previous financial year. L&T Infotech's revenue for operations in the June quarter stood at Rs 3,462.5 crore, compared to Rs 2,949 crore in the same quarter of the previous fiscal, marking an increase of 17.4 per cent year-on-year.

The company's board of directors declared a special dividend for the financial year 2021-22 of Rs 1- per equity share of face value of Re 1, each fully paid-up. The dividend will be paid to the equity shareholders on August 2, 2021, according to a regulatory exchange by the firm to the stock exchanges.

On the NSE,  L&T Infotech opened at Rs 4,399, registering an intra day high of Rs 4,399 and sliding to an intra day low of Rs 4,251, in the session so far. It was last trading 2.67 per cent lower at Rs 4,302.35 on the NSE.

Shares of L&T Infotech were last trading 2.75 per cent lower at Rs 4,295.90 on the BSE.