L&T stock surges 3 per cent on robust Q3 numbers

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L&T stock surges 3 per cent on robust Q3 numbers
Markets cheered the Larsen and Toubro (L&T) Q3 numbers, which were declared after market hours on Wednesday, with the stock trading higher by almost 3 per cent in trade.

On the National Stock Exchange (NSE), the stock was last trading at Rs 1037.

L&T reported a 10.60 per cent rise in standalone net profit at Rs 1,240.70 crore for the quarter ended December 31, saying that "persisting inflation" and "policy uncertainties" have impacted investment sentiment.

The company had reported net profit of Rs 1,121.75 crore for the October-December quarter of 2012-13 fiscal.

During Q3, 2013-14 it demerged the hydrocarbon business into a wholly-owned subsidiary, L&T Hydrocarbon Engineering Ltd, after getting the sanction by the Bombay High Court.

Subsequently, it transferred the business to the new company from April 1, 2013 - the effective date of demerger - and has applied to the Registrar of Companies for approval.

The company's Q3 net sales rose by 11.80 per cent to Rs 14,387.51 crore after excluding revenues from the Hydrocarbon business, it further said.

Its Q3 expenditure stood at 12,911.85 crore, amounting to 89.74 per cent of the net sales. It made an exceptional gain of Rs 104.39 crore on dilution of part stake in a subsidiary firm.

Its total order book, as on December 31, 2013 stood at Rs 1,71,184 crore, up 13 per cent. Of this, international orders amounted to 15 per cent of total order book.

With inputs from PTI

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