L&T gains on strong order book positions

The order inflow grew 14% year-on-year at Rs 19,545 crore during October-December quarter (Q3).

Larsen and Toubro (L&T) has moved higher by over 2% at Rs 1,597, bouncing back 6.4% from intra-day’s low after the engineering major said its order inflow grew 14% year-on-year (yoy) at Rs 19,545 crore during the October-December quarter (Q3).

“Order book stood robust at Rs 162,334 crore as at December 31, 2012. International order book constituted 13% of the total order book,” L&T said in a statement.

Meanwhile, the company has reported a better-than-expected 13% yoy growth in net profit at Rs 1,122 crore, against analyst expectations of Rs 1,098 crore in Q3. Total income from operations grew 10% at Rs 15,429 crore on yoy basis.

“With strong order book, the company expects to sustain its growth in the period ahead,” the company said.

The stock opened at R 1,562 and hit a low of Rs 1,499 on NSE before announcement of Q3 results. A combined 4.12 million shares have changed hands on the counter so far on both the exchanges.