L&T Shares Surge Over 4% on Strong Q3 Earnings

New Delhi, Jan 31 (PTI) Shares of infrastructure and engineering major Larsen & Toubro (L&T) on Friday ended over 4 per cent higher after the firm reported a 14 per cent rise in consolidated profit after tax for the December quarter.

The stock jumped 4.31 per cent to settle at Rs 3,567.20 on the BSE. During the day, it rallied 4.94 per cent to Rs 3,588.85.

At the NSE, shares of the firm climbed 4.18 per cent to Rs 3,564. Intra-day, the stock surged 4.94 per cent to Rs 3,590.

The firm's market valuation jumped Rs 20,269.43 crore to Rs 4,90,536.60 crore.

The stock emerged as the biggest gainer among the BSE Sensex firms.

Larsen & Toubro on Thursday reported a 14 per cent rise in consolidated profit after tax to Rs 3,359 crore for the December quarter on the back of higher revenue from operations.

The company had posted a profit of Rs 2,947 crore for the year-ago period, L&T said in a filing to BSE.

Revenue from operations increased 17 per cent to Rs 64,668 crore in the quarter compared to Rs 55,128 crore in the year-ago period, the filing said.

The company said that the revenue growth was on the back of strong order book and ramp-up in execution momentum across its projects and manufacturing businesses.

L&T received its highest-ever quarterly orders of Rs 1,16,036 crore at the group level during the quarter, registering a Y-o-Y growth of 53 per cent.

During the quarter, orders were received across multiple geographies and diverse sectors like thermal power, renewable, power transmission, precision engineering, minerals and metals, water, commercial buildings and hydrocarbon onshore.