Larsen & Toubro dips 4% on profit booking post March quarter results

Shares of Larsen & Toubro (L&T) dipped 4 per cent to Rs 2,270 on the BSE in Thursday’s intra-day trade on profit booking after the engineering behemoth reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the March quarter (Q4FY23) compared to a profit of Rs 3,621 crore in the year-ago period. Revenue grew 10 per cent year-on-year (YoY) to Rs 58,335 crore.

The stock of the country’s biggest infrastructure company had hit a record high of Rs 2,416 on May 2, 2023. However, despite the stock’s 4 per cent decline from its all-time high level, L&T has outperformed the market by surging 9 per cent thus far in the calendar year 2023. In comparison, the S&P BSE Sensex is up 1.5 per cent during the same period.