L&T shares surge nearly 3% as Q1 net profit jumps
New Delhi: Shares of Larsen and Toubro (L&T) on Monday rose by 4% after the company registered a 46% jump in consolidated net profit for the first quarter through June.
The scrip, however, closed 2.85% higher to close at Rs1192.10 on BSE.
On the NSE, it closed up 2.74% to Rs1,193.20. Engineering and construction conglomerate Larsen and Toubro on Friday registered a 46% jump in consolidated net profit to Rs 893 crore for the first quarter ended June 2017.
The company, which said the first quarter saw lower economic growth in the country in the aftermath of demonetisation, had clocked a consolidated net profit of Rs 610 crore in the same period of the previous fiscal.
"Consolidated profit after tax (PAT) for the quarter ended June 30, 2017, at Rs893 crore was higher by 46% vis-a-vis PAT of Rs 610 crore for the corresponding quarter of the previous year," the company said in a statement.
L&T recorded consolidated gross revenue of Rs23,990 crore for the quarter under review, registering an increase of 10% year-on-year.