Stocks

Larsen & Toubro Infotech slumps on Q1 profit drop

Reuters Bengaluru | Updated on July 19, 2019 Published on July 19, 2019

The shares of information technology firm Larsen & Toubro Infotech were trading down 5 per cent at ₹1,495, lowest since December 2018.

The June-quarter consolidated net profit after tax was down 6 per cent sequentially at ₹356 crore ($51.73 million) and 1.5 per cent lower on year, the company said on Thursday.

The revenue from banking, financial services & insurance - its biggest division - grew 0.7 per cent sequentially.

Up to last close, stock had fallen 9 per cent this year, while peer Mphasis was down 8.3 per cent.

Published on July 19, 2019
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