L&T Shares Dips 2 Per Cent Despite Good Results

Shares of L&T dipped 2 per cent, despite a good set of results. The shares were last seen trading at Rs 1387, down nearly 2 per cent from its previous close. The engineering to financial services company reported a net profit growth of 20.5 per cent year-on-year to Rs 1,361 crore on new orders.

The company said that order wins in infrastructure and power segments were the major contributors to the order inflow during the quarter. "While orders from the central and state governments were affected during the general elections, strong PSU and private-sector orders enabled growth for the quarter," it said.

"Consolidated order book of the group stood at Rs 294,014 crore as at June 30, 2019, with international order book constituting 21 per cent of the total order book," L&T said.

Infrastructure Segment secured fresh orders of Rs 17,497 crore, during the quarter ended June 30, 2019, lower by 10% compared to the previous year. Order wins were mainly from the airport sector, gold beneficiation award in Saudi, water supply 8 distribution order in Sri Lanka, a notable desalination plant order in Gujarat and an order for a Defence telecom network. International orders at Rs 4,954 crore constituted 28% of the total order inflow of the segment during the year.

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