L&T gains after good Q1 outcome

L&T rose 0.96% to Rs 1,573 at 9:39 IST on BSE after the company's consolidated net profit rose 46% to Rs 610 crore on 9.1% growth in gross revenue to Rs 21874 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours on Friday, 29 July 2016.

Meanwhile, the BSE Sensex was up 191.95 points, or 0.68%, to 28,243.81.

On BSE, so far 7.20 lakh shares were traded in the counter, compared with an average volume of 2.03 lakh shares in the past one quarter. The stock hit a high of Rs 1,584.95 and a low of Rs 1,560.05 so far during the day. The stock hit a 52-week high of Rs 1,844.15 on 10 August 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 29 July 2016, rising 5.14% compared with 4.90% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.29% as against Sensex's 9.55% rise.

The large-cap company has an equity capital of Rs 186.40 crore. Face value per share is Rs 2.

L&T said it won fresh orders worth Rs 29702 crore at consolidated level in Q1 June 2016, registering an increase of 14%. The International orders at Rs 13211 crore constituted 44% of the total order inflow. Major orders during the quarter were secured by infrastructure and hydrocarbon segments.

Infrastructure segment achieved customer growth of Rs 9094 crore in Q1 June 2016, registering a growth of Rs 9% over Q1 June 2015. Hydrocarbon segment recorded customer revenue of Rs 2135 crore in Q1 June 2016, in line with the corresponding quarter of the previous year.

L&T's consolidated order book increased by 8% on year-on-year (YoY) basis to Rs 2.57 lakh crore as on 30 June 2016. International order book constituted 29% of the total order book.

On future business outlook, L&T said that on the international front, the company will continue to target select prospects in the space of core infrastructure and oil & gas sector in the Middle East, Africa and other neighboring countries. The company said it has recently finalised its strategic plan for five years with a focus on profitable growth. L&T said it remains well placed to benefit from emerging opportunities with its execution capabilities and leadership position in various sectors.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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