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Larsen Q1 2014 net profit at Rs 756 crores; stock crashes
Infrastructure major Larsen and Toubro has reported a hugely disappointing set of numbers with profits after tax coming in at just Rs 756 crores, as against expectations of Rs 900 crores.
The company has reported gross revenues of Rs 12,704 crores for the quarter ended June 30, 2013.
The company's order book has grown 8 per cent year on year at Rs 16,5393 crores, as at June 30, 2013. For the quarter ending June 30, 2013 the company saw an order inflow of Rs 25,159 crores. The company has said that the power sector segment will continue to remain weak, but expects domestic order book to pick up.
The L&T stock came crashing down by 6.5 per cent on the back of poor results. The stock was last quoted at Rs 908 on the national Stock Exchange.
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