Shares of L&T Technology Services Ltd. fell after its third-quarter revenue missed analysts' estimates.
However, the company's net profit beat analysts' estimates according to Bloomberg data. Net profit was up 7.51% quarter-on-quarter at Rs 303.6 crore in the third quarter of the ongoing financial year. Revenues rose 2.68% quarter-on-quarter to Rs 2,048.6 crore, but missed analyst estimates.
L&T Technology Services Q3 FY23 (Consolidated QoQ)
Revenues up 2.68% at Rs 2,048.6 crore (Bloomberg estimate: Rs 2,061.9 crore)
Ebitda up 5.22% at Rs 441.2 crore (Bloomberg estimate: Rs 437.8 crore)
Ebitda margin at 21.54% versus 21.02% (Bloomberg estimate 21.2%)
Net profit up 7.51% at Rs 303.6 crore (Bloomberg estimate: Rs 296.7 crore)
Shares of the company declined 3.20% to Rs 3,288.50 apiece, while the benchmark Nifty 50 gained 0.06%. The total traded volume so far in the day was 3.4 times its 30-day average.
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Out of the 29 analysts tracking the company, 10 maintain a 'buy', seven recommends a 'hold' and twelve suggest to 'sell', according to Bloomberg data.
The 12-month consensus price target implies an upside of 5%.
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