Larsen and Toubro (L&T) has dipped 4% at Rs 868 on back of heavy volumes on the bourses. The stock opened at Rs 900 and hit a 52-week low of Rs 861 in afternoon deal. A combined 4.89 million shares have already changed hands on the counter till 1244 hours against an average sub 3 million shares that were traded daily in past two weeks on NSE and BSE.
Shares of L&T has fallen nearly 11% in past three trading sessions as compared to 0.35% fall in Sensex after posted a disappointing set of numbers for the quarter ended June 30, 2013 (Q1).
L&T reported 16.2% year-on-year (yoy) decline in net profit at Rs 756 crore which was lower than an average analyst estimate of Rs 934 crore. This was mainly on the back of lower-than-expected execution and poor operating performance.
On the EBITDA front, the company reported a yoy dip of 56bp to 8.5% owing to lower-than-expected execution and high construction and sub-contracting costs.
Meanwhile, the management mentioned that growth and margins should improve going forward as domestic orders won during FY13 are executed.
Shares of L&T has fallen nearly 11% in past three trading sessions as compared to 0.35% fall in Sensex after posted a disappointing set of numbers for the quarter ended June 30, 2013 (Q1).
L&T reported 16.2% year-on-year (yoy) decline in net profit at Rs 756 crore which was lower than an average analyst estimate of Rs 934 crore. This was mainly on the back of lower-than-expected execution and poor operating performance.
On the EBITDA front, the company reported a yoy dip of 56bp to 8.5% owing to lower-than-expected execution and high construction and sub-contracting costs.
Meanwhile, the management mentioned that growth and margins should improve going forward as domestic orders won during FY13 are executed.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%