Larsen and Toubro (L&T) has dipped 4.2% to Rs 1,551, falling 7% from intra-day’s high after reporting a 7% year-on-year (y-o-y) drop in net profit at Rs 1,788 crore for the quarter ended March 31, 2013 (Q4) due to higher finance cost. The engineering major had profit of Rs 1,920 crore in a year ago quarter.
Net sales however, grew 9.9% at Rs 20,294 crore on y-o-y basis, L&T said in a statement.
During the quarter under review, the company's finance cost surged more than two-fold to Rs 280 crore from Rs 121 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected profit of Rs 1,845 crore and net sale of Rs 20,874 crore from the quarter.
Meanwhile, the board has announced the issue of bonus shares in the ratio of 1:2, i.e. one bonus equity share for every two shares held. The board also recommended a dividend of Rs 18.50 per share.
The stock opened at Rs 1,611 and touched high of Rs 1,652 on BSE before the announcement of Q4 earnings. A combined 4.66 million shares have changed hands on the counter till 1340 hours on NSE and BSE.
Net sales however, grew 9.9% at Rs 20,294 crore on y-o-y basis, L&T said in a statement.
During the quarter under review, the company's finance cost surged more than two-fold to Rs 280 crore from Rs 121 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected profit of Rs 1,845 crore and net sale of Rs 20,874 crore from the quarter.
Meanwhile, the board has announced the issue of bonus shares in the ratio of 1:2, i.e. one bonus equity share for every two shares held. The board also recommended a dividend of Rs 18.50 per share.
The stock opened at Rs 1,611 and touched high of Rs 1,652 on BSE before the announcement of Q4 earnings. A combined 4.66 million shares have changed hands on the counter till 1340 hours on NSE and BSE.
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