L&T Infotech, which is coming out with a public issue of 1.75 crore equity shares at a price band of Rs. 705-710 per share via its three-day IPO starting July 11, is bullish about prospects in the information technology (IT) services business.
In an interview to a business news channel, L&T Executive Chairman AM Naik said that the company is on course to cross $1.5 billion in revenues this fiscal from the billion-dollar mark in 2015-16.
"...in a way this year we will even cross USD 1.5 billion but we have already done more than USD 1.35 billion or so already last year," Naik told CNBC-TV18.
The company earned a net profit of Rs. 769 crore on consolidated total income of Rs. 5,069 crore in 2014-15, according to its offer document.
The consequences of Britain leaving the European Union (EU) won't be significant for L&T Infotech, given its business model, according to a senior company executive.
"The solution to all the problems is differentiation. If you are differentiated, you will continue to grow and that will remain our continued focus for us in the marketplace...we are actually very well placed on that which is a sign of a differentiation," Sanjay Jalona, L&T Infotech MD and CEO, told the channel.
Meanwhile, shares of Larsen & Toubro were trading at Rs. 1,564.65 a piece on the BSE at around 1.05 p.m.
The company informed the stock exchanges that it won export orders valued at $71.3 million from Mitsubishi Hitachi Power Systems Ltd.
The orders were won by its joint venture companies L&T-MHPS Boilers Private Limited (LMB) and L&T-MHPS Turbine Generators Private Limited (LMTG), Larsen & Toubro said in a regulatory filing on Tuesday.