L&T Shares Surge 6% on Strong Earnings

New Delhi, Oct 31 (PTI) Shares of Larsen and Toubro (L&T) on Thursday jumped over 6 per cent after the firm posted a 5 per cent rise in consolidated profit after tax in the quarter ended September 30, 2024.

The company's stock soared 6.38 per cent to settle at Rs 3,624.40 on the BSE. During the day, it zoomed 7.27 per cent to Rs 3,654.95.

At the NSE, shares of the infrastructure major surged 6.23 per cent to Rs 3,620.75 apiece.

The stock emerged as the biggest gainer among the 30-share Sensex firms.

The company's market valuation climbed Rs 29,878.64 crore to Rs 4,98,353.15 crore.

Larsen and Toubro on Wednesday posted a 5 per cent rise in consolidated profit after tax to Rs 3,395 crore in the September 2024 quarter on higher income.

The company's consolidated profit after tax stood at Rs 3,223 crore in the year-ago period, L&T said in a regulatory filing.

"The company for the quarter ended September 30, 2024, posted a consolidated Profit After Tax (PAT) of Rs 3,395 crore, registering a growth of five per cent compared to the corresponding quarter of the previous year," the filing said.

During the period under review, its consolidated income rose to Rs 62,655.85 crore, from Rs 52,157.02 crore in the year-ago period.

Its expenses in the September quarter increased to Rs 57,100.76 crore, as against Rs 47,165.95 crore a year ago.

"We have delivered yet another quarter of strong financial performance despite the continuing global macro economic volatility. The projects and manufacturing businesses of the company continue to perform well.

"We have a record order book of Rs 5 lakh crore-plus that is a testimony of our proven competence in the domains of engineering, construction, manufacturing and project management," its Chairman and Managing Director S N Subrahmanyan said.