L&T Q4 2013 PAT disappoints; declares bonus issue

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Infrastructure major Larsen and Toubro reported a disappointing set of Q4 numbers with margins under pressure and net profits coming in at Rs 1788 crores, which was way below consensus estimates.

Total Income has increased from Rs. 18775 crores for the quarter ended March 31, 2012 to Rs 20668.21 crore for the quarter ended March 31, 2013. Larsen & Toubro has informed BSE that the Board of Directors of the Company has recommended a Dividend of Rs. 18.50/- per share.

Sub contracting charges have gone up, while changes in inventory of finished goods have also put pressure on margins.

The Board of Directors of the Company has recommended for approval of the shareholders issue of bonus shares to the holders of equity shares of the Company in the ratio of 1:2 (i.e. one bonus equity share of Rs.2/- each for every two fully paid up equity shares of Rs. 2/- each held). The stock dropped 3 per cent in noon trade.

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