Larsen & Toubro shares gain nearly 4% as Q3 profit rises

Written by PTI | Mumbai | Updated: Jan 24 2014, 03:32am hrs
LarsenandToubroEngineering major Larsen & Toubro has reported a profit after tax of Rs 1,241 crore for December quarter, up 22% y-o-y.
Shares of Larsen & Toubro (L&T) today rose nearly 4 per cent after the company posted a 22.44 per cent increase in standalone net profit for the December quarter.

After making a positive opening, the stock further gained 3.84 per cent to Rs 1,043.40 on the BSE.

At the NSE, it jumped 3.84 per cent to Rs 1,043.40. The stock was the top gainer among the blue-chips on both Sensex and Nifty during the morning trade.

Larsen & Toubro had yesterday posted a 22.44 per cent increase in standalone net profit at Rs 1,240.7 crore in the December quarter and lowered its guidance for order inflows, saying it would be challenging to meet the revenue target due to macroeconomic headwinds.

The engineering major had estimated 15 per cent increase in sales and 20 per cent growth in order inflows at the start of this financial year.

L&T had reported a profit of Rs 1,013.23 crore in the December quarter of the previous financial year. Net sales rose 11.8 per cent to Rs 14,387.51 crore in the third quarter from Rs 12,869.34 crore in the corresponding period.