Larsen & Toubro (L&T) hit 21-month high of Rs 1,834, up 2.6% on the BSE in early morning trade, after the company beat market expectation with a 29.5% growth in consolidated net profit for the Q4FY17, at Rs 3,025 crore compared with Rs 2,335 crore for the corresponding quarter of the previous year. The stock hit its highest level since August 10, 2015.
The company’s consolidated revenue for the quarter increased by 12% to Rs 36,828 crore over the previous year quarter. Analysts on an average had expected profit of Rs 2,763 crore on revenues of Rs 33,717 crore for the quarter. The engineering and infrastructure giant’s consolidated order book stood at Rs 2.61 lakh crore as of 31 March, an increase of 5% from a year earlier. Read more
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