Shares of Larsen & Toubro Ltd (L&T) were down over 3 per cent in the early morning trade on Bombay Stock Exchange (BSE), after plunging around 6 per cent yesterday, on disappointing Jan-Mar quarter numbers.
The company announced 7 per cent decline in net profits for Q4 FY'13 at Rs 1,788 crore as compared to Rs 1,920 crore during Q4 FY'12, mainly due to higher interest costs. Analysts on an average had expected the net profit of Rs 1,845 crore.
At 11:10 hours, shares of the company were trading at Rs 1,467 a piece, down 3.3 per cent from previous close on BSE.
The company has also removed projects worth Rs 17,000 crore from order book while categorizing projects worth Rs 5,000-6,000 crore as "slow moving''.