HindustanTimes Fri,29 Aug 2014

L&T surges after Jan-March earnings beat estimates

Reuters  Mumbai, June 02, 2014
First Published: 10:45 IST(2/6/2014) | Last Updated: 11:18 IST(2/6/2014)

Shares of Larsen & Toubro surged as much as 6.8% in early morning trading after the company's fourth-quarter profit beat analyst forecasts with a rise of 69%, helped by a steep gain in revenue from its infrastructure and heavy engineering businesses, and gain from a divestment.

Net profit from continuing operations was Rs. 27.23 billion ($461 million) in January-March, up from Rs. 16.1 billion a year earlier, L&T said in a statement on Friday.

That compared with the Rs. 16.15 billion mean of 15 analysts, according to Thomson Reuters data.

L&T shares were up nearly 5% at 1622 rupees as of 9:21am.

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