L&T advances on strong Q3 numbers

L&T advanced 3.31% to Rs 1,463.25 at 9:44 IST on BSE after consolidated net profit surged 48.4% to Rs 1617.88 crore on 10.1% growth in net sales to Rs 28747.45 crore in Q3 December 2017 over Q3 December 2016.

The result was announced after market hours yesterday, 31 January 2018.

Meanwhile, the S&P BSE Sensex was up 143.66 points or 0.4% at 36,108.68.

On the BSE, 2.91 lakh shares were traded on the counter so far as against average daily volumes of 3.19 lakh shares in the past one quarter. The stock had hit a high of Rs 1,467.85 so far during the day, which is a record high. The stock hit a low of Rs 1,447 so far during the day. The stock had hit a 52-week low of Rs 951.30 on 31 January 2017.

The stock had outperformed the market over the past one month till 31 January 2018, gaining 12.7% compared with the Sensex's 5.6% rise. The stock had also outperformed the market over the past one quarter, advancing 16.06% as against the Sensex's 8.29% rise. The scrip had also outperformed the market over the past one year, surging 47.08% as against the Sensex's 30.04% rise.

The large-cap company has equity capital of Rs 280.21 crore. Face value per share is Rs 2.

The company won fresh orders worth Rs 48130 crore at the group level during Q3 December 2017, registering a growth of 38%, with strong ordering activity witnessed during the quarter. Consolidated order book of the group stood at Rs 270727 crore as on 31 December 2017, higher by 4.7% on a y-o-y basis. The international order book constituted 25% of the total order book.

L&T said that the board of directors of the company has approved subscription to the equity shares offered by L&T Finance Holdings (LTFH) on a preferential basis up to an amount not exceeding Rs 2000 crore, subject to necessary approvals, including the approval of board of directors and shareholders of LTFH. The exact amount of the subscription would depend on the preferential issue that LTFH would be making to the company, L&T said.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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