L&T inches up after new order win

L&T rose 0.63% to Rs 785.05 at 11:08 IST on BSE after the company said L&T Construction won new orders worth Rs 4160 crore across various business segments in July and August 2013.

The company made the announcement during trading hours today, 12 August 2013.

Meanwhile, the S&P BSE Sensex was up 108.57 points, or 0.58%, to 18,897.91.

On BSE, 1.18 lakh shares were traded in the counter as against an average daily volume of 2.78 lakh shares in the past one quarter.

The stock hit a high of Rs 794 and a low of Rs 782 so far during the day. The stock had hit a 52-week low of Rs 771.35 on 7 August 2013. The stock had hit a 52-week high of Rs 1,146.34 on 29 October 2012.

The stock had underperformed the market over the past one month till 8 August 2013, sliding 16.64% compared with the Sensex's 2.77% fall. The scrip had also underperformed the market in past one quarter, falling 25.09% as against Sensex's 6.01% fall.

The large-cap company has an equity capital of Rs 185.05 crore. Face value per share is Rs 2.

L&T said L&T Construction's buildings and factories business segment secured orders worth Rs 2319 crore from reputed customers across the country. Its power transmission & distribution business segment received new orders worth Rs 974 crore. Its water & renewable energy business segment bagged orders worth Rs 735 crore.

L&T Construction also received additional orders worth Rs 132 crore from various ongoing jobs.

L&T's net profit declined 12.46% to Rs 756.03 crore on 5% growth in gross revenue to Rs 12704 crore in Q1 June 2013 over Q1 June 2012. L&T attributed the decline in net profit to unfavorable job mix, lower margin accruals and lower other income.

L&T's revenue from international business jumped 68% to Rs 3378 crore in Q1 June 2013 over Q1 June 2012.

L&T's order inflow jumped 28% to Rs 25159 crore in Q1 June 2013 over Q1 June 2012. International order inflow jumped 2.28 times at Rs 3617 crore in Q1 June 2013 over Q1 June 2012. International orders constituted 14% of the total order inflow in Q1 June 2013. The major orders during the year came from Building & Factories, Transportation Infrastructure, Hydrocarbon and Heavy Civil Infrastructure businesses, L&T said.

With a healthy order book, strong balance sheet, wide ranging capabilities and international presence, the company is optimistic about its prospects as both the Indian and global economies work towards their recovery, L&T said. On the international front, the company continues to focus on good prospects in various countries in the Middle East and select markets in CIS region, Africa and South Asia, L&T said.

L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

Powered by Capital Market - Live News