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L&T Shares Surge As Profits Beat Estimates
Shares in Larsen & Toubro surged after the company's profits beat estimates.
Shares in Larsen & Toubro surged in trade today, after the company reported a superb set of results for the quarter ending Sept 30, 2016. The company reported a net profit of Rs 1435 crores, which was more or less in line with what the street estimated.
The net profits of the company included gains on the sale of the insurance business of the company. What was encouraging about the results was that the company left the guidance unchanged, though it warned that the environment continued to be challenging for the company.
Larsen and Toubro said that the Domestic capex was picking up in selective areas, however, weak industrial demand and low capacity utilization continues to challenge the business environment.
"Revenue has been impacted by lower offtake in construction and mining equipment, delayed defence ordering and end-stage execution of current Realty projects," the company said in a presentation.
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