L&T rebounds post Q4 results

Larsen and Toubro (L&T) was trading higher by around 1% at Rs 1,517, rebounded almost 4% from day’s low, after reporting a 17% growth in net profit at Rs 1,686 crore for the quarter ended March 2011 over the previous year. The engineering company had reported Rs 1,438 crore in the previous year's quarter. Total operational income grew 13% at Rs 15,384 crore on a year-on-year basis.

An impressive growth of 27% in order flows during the quarter ended March 31, 2011, helped the company record an order book of Rs 130,217 crore as on March 31, 2011.

Despite a deferment of some infrastructure and power project orders, the company could achieve an increase of 15% in order inflows for the year 2010-11, the company said in a filing to the stock exchanges.

However, on a consolidated basis, the company has reported a 18% drop in net profit at Rs 4,456 crore for the financial year ended March 2011, inspite of a 18% rise in net sales at Rs 52,089 crore (YoY).

The board of directors has recommended a dividend of Rs 14.50 a share.

The stock has hit a low of Rs 1,475 and a high of Rs 1,529 thus far. A combined 4.2 million shares have changed hands on the counter till 1353 hours.