L&T slips after declaring Q1 result

Larsen & Toubro was down 0.57% to Rs 1,402 at 09:19 IST on the BSE after the company announced its Q1 result after trading hours yesterday, 23 July 2019.

Meanwhile, the S&P BSE Sensex was up by 87.28 points, or 0.23% to 38,070.02.

On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 2.28 lakh shares in the past two weeks. The stock had hit a high of Rs 1,420 and a low of Rs 1,395 so far during the day. It hit a 52-week high of Rs 1,606.70 on 28 May 2019 and a 52-week low of Rs 1,183.40 on 23 October 2018.

Larsen & Toubro (L&T) said that consolidated profit after tax (PAT) from continuing operations rose 20.5% to Rs 1361 crore on 10% growth in gross revenue to Rs 29636 crore in Q1 June 2019 over Q1 June 2018. The overall PAT, including the PAT from discontinued operations grew by 21.2% to Rs 1473 crore in Q1 June 2019 over Q1 June 2018.

L&T won new orders worth Rs 38700 crore at the group level in Q1 June 2019, registering a growth of 11%. Consolidated order book of the group stood at Rs 294014 crore as at 30 June 2019, with international order book constituting 21% of the total order book.

L&T said that order wins in infrastructure and power segments were the major contributors to the order inflow during the quarter. While orders from the central and state governments were affected during the general elections, strong PSU and private sector orders enabled growth for the quarter.

In its outlook, L&T said that the company looks forward to a period of increased investment momentum and continued growth. Initiatives towards improved productivity, cost efficiencies derived from leveraging digital technology, capacity utilization and capability enhancement are expected to help the company maximize its shareholder returns (RoE) on a sustainable basis.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $20 billion in revenue.

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