Shares of Larsen and Toubro shed 2.5 per cent in early trade Monday as the engineering major reported a 16.7 per cent decline in consolidated net profit at Rs 2,054.74 crore for the quarter ended December 2021, mainly due to one-off gains in the year-ago period.
The company had posted a consolidated net profit of Rs 2,466.71 crore in the same quarter of the previous fiscal.
The company’s share price fell to a low of Rs 1,850.45 against Rs 1,897.55 at the previous close on the National Stock Exchange. The scrip was last trading 0.9 per cent lower.
The revenue from operations came in at Rs 39,562.92 crore, up 11.14 per cent against Rs 35,596.42 crore in the corresponding quarter last year. This compares with the analyst estimate of Rs 39,732 crore.
The company bagged orders worth Rs 50,359 crore during the quarter, registering a decline of 31 per cent for the corresponding period in the previous year. The decline is coming on a much larger base due to the high-speed rail corridor awarded last year.
L&T maintains a “cautiously optimistic” view of higher capex spending in the near term as it believes the ‘Atmanirbhar Bharat’ initiative is gathering full momentum.