Street cheers L&T's strong Q1, share buyback move; stock jumps by 3.5%

Majority of analysts bullish on the stock, but average target price indicates positives are nearly priced in

Larsen & Toubro (L&T) declared excellent results for the June quarter of the 2023-24 financial year (Q1FY24) while also throwing in a special dividend and a buyback scheme. As a result, the stock jumped 3.5 per cent.

For the infrastructure major, consolidated revenue in Q1 rose to Rs. 47,782 crore, up 33.6 per cent year-on-year (YoY) and down 18 per cent quarter-on-quarter (QoQ). Earnings before interest, tax, depreciation, and amortization (Ebitda) stood at Rs. 4,868 crore, up 23 per cent YoY. The profit after tax (PAT) was at Rs. 3,116 crore (up 36 per cent YoY) and adjusted PAT was