Mumbai: Shares of Larsen & Toubro (L&T) today zoomed over 14 per cent after the company reported an 18.55 per cent increase in consolidated net profit for the March quarter.
The stock surged 14.04 per cent to settle at Rs 1,472.60 apiece on the BSE. During the day, it soared 14.92 per cent to Rs 1,484 a share.
On the NSE, it rallied 14.13 per cent to close at Rs 1,474.15 per share.
Tracking the sharp rally in the stock, the company’s market valuation jumped by Rs 16,941 crore to Rs 1,37,222 crore.
The stock was the biggest gainer on the Sensex and Nifty during the day. On the volume front, 16.90 lakh shares of the company changed hands on the BSE and over 1 crore shares were traded on the NSE during the day.
“L&T reported consolidated PAT ahead of our/street estimates,” Prabhudas Lilladher said in a note.
Engineering major Larsen & Toubro (L&T) yesterday reported an 18.55 per cent increase in consolidated net profit at Rs 2,453.64 crore for the March quarter and said it expects 12-15 per cent rise in revenues this fiscal.
The company had clocked a net profit of Rs 2,069.64 crore in the corresponding quarter of 2014-15. Its total income rose 18.32 per cent to Rs 33,157.04 crore in the January-March quarter, from Rs 28,022.62 crore during the corresponding period of 2014-15.
L&T is expecting 12-15 per cent increase in revenues and a 15 per cent growth in its order inflows for 2016-17, Group Executive Chairman A M Naik said.
For the entire fiscal, Larsen & Toubro’s consolidated net profit increased by 6.83 per cent to Rs 5,090.53 crore as against Rs 4,764.82 crore in 2014-15.