Strong order book helps L&T net profit up 13%, beats forecast
L&T reported a net profit of Rs 1,122 crore for the third quarter compared with Rs 992 crore a year earlier.
Mumbai: Construction and engineering company Larsen & Toubro (L&T) , reported a 13 percent increase in net profit for the October-December quarter helped by strong order wins, beating forecast.
L&T reported a net profit of Rs 1,122 crore for the third quarter compared with Rs 992 crore a year earlier. Sales rose 10 percent to Rs 15,429 crore.
Analysts expected the company to report a net profit of Rs 1,079 crore on sales of Rs 16,096 crore, according to Thomson Reuters.
At 1:55 pm, shares in L&T, valued by the market at about $17.8 billion, were up 1.6 percent at Rs 1,586 in a negative Mumbai market.
The firm is seeing early signs of a government push on infrastructure spending, chief financial officer R. Shankar Raman said on Thursday.
Big ticket energy and infrastructure projects in India have been stalled by a slow approval process, inadequate capital and low availability of fuel for power projects.
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Larsen and Toubro scrip closed 0.85 percent down at Rs 1,285.55 on the BSE, as against a 0.47 percent correction in the benchmark.
Shares of Larsen & Toubro (L&T) on Wednesday jumped over 5 percent after the company said that it has bagged significant orders for its heavy civil infrastructure business in Uttar Pradesh