Share price of Larsen and Toubro (L&T) Technology Services declined more than seven per cent on Tuesday, May 4, a day after the company announced its January-March quarter results for the financial year 2020-21. On Tuesday, L&T Technology opened on the BSE at Rs 2,700, witnessing an intra day high of Rs 2,700 and an intra day low of Rs 2,560, in the trading session so far. According to a regulatory filing by the form to the BSE, L&T Technology reported a consolidated profit of Rs 204.8 crore in the March quarter, compared to Rs 186.1 crore in the previous October-December quarter for fiscal 2020-21.
According to the statement, L&T Technology services’ revenues increased from Rs 1,400.7 crore to Rs 1,446.6 crore on a quarter-on-quarter basis. On the NSE, L&T Technology opened at Rs 2,690, touching an intra day high of Rs 2,690 and an intra day low of Rs 2,557.80, in the trading session so far. It was last trading 7.28 per cent lower at Rs 2,593.75 on the NSE.
On May 3, the company’s board of directors recommended a final dividend of 725 per cent, which means, Rs 14.50 per equity share of a face value of Rs 2 each. This is subject to the approval of the shareholders of the firm. L&T Technology added that the date of book closure for the purpose of final dividend will be notified at a later stage.
Meanwhile, today L&T Technology announced that the firm’s board re-appointed Mr. Narayanan Kumar as the Independent Director of the company for a further period of three years and seven months with effect from July 15, 2021, up to and including January 14, 2025. This decision is subject to the approval of the shareholders.
Shares of L&T Technology were last trading 7.29 per cent lower at Rs 2,593 on the BSE.