L&T Technology Services shares fall nearly 6% as company cuts revenue guidance for FY24

New Delhi: Shares of L&T Technology Services declined nearly 6 per cent on Wednesday after the company lowered its revenue growth guidance for the current fiscal.

The stock fell by 5.67 per cent to settle at Rs 4,353.95 on the BSE. During the day, it plunged 5.85 per cent to Rs 4,345.

At the NSE, it dropped 5.75 per cent to end at Rs 4,348.

The company's market valuation fell by Rs 2,764.3 crore to Rs 46,025.45 crore.

L&T Technology Services on Tuesday posted a 5 per cent increase in September quarter net profit to 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 Rs 2,281.7 crore a year earlier. 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 reducing its 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.