L&T gains 4 % post good Q2 numbers
DSIJ Intelligence / 23 Nov 2016
Engineering and construction major, Larsen & Toubro has gained more than 4 per cent in trade driven by healthy volumes as company has posted results which were above expectations.
Engineering and construction major, Larsen & Toubro has gained more than 4 per cent in trade driven by healthy volumes as company has posted results which were above expectations.
Company has posted a good set of Q2 numbers, which were a beat on both top-line and bottom-line. Consolidated total income is up 8.2 percent at Rs 25,011 crore versus Rs 23,123 crore (YoY). Consolidated net profit is up 84.3 percent at Rs 1,434.6 crore versus Rs 778.4 crore (YoY). Consolidated EBITDA is up 7.9 percent at Rs 2,298 crore versus Rs 2,130 crore (YoY). Consolidated EBITDA margin is unchanged at 9.2 percent (YoY). Consolidated order inflow is up 11 percent at Rs 31,119 crore (YoY).
Reacting to a good set of results, shares of L&T have surged more than 4 per cent in trade to hit an intra-day high of Rs 1385 on NSE. Stock has not been on a continuous up move as financial results have not kept pace.
Company going for IPOs for its subsidiaries and selling its non-core assets bodes well for the future of the company. In another cost rationalisation move company has also laid-off close to 14,000 employees in the past three-months, aimed at getting business in shape.