L&T shares decline over 3% amid profit booking post March quarter results
Shares of engineering major Larsen and Toubro (L&T) declined 3.3 per cent to Rs 1,368.5 on the BSE in Monday’s intra-day deals on the back of profit booking. India’s largest engineering and construction firm on Friday reported a consolidated net profit of Rs 3,293 crore for March quarter of FY21 (Q4FY21), up 3 per cent year-on-year (YoY), on higher revenues and surge in other income.
The reported net profit was higher than Bloomberg consensus estimate of Rs 3,042 crore, despite the 116 per cent YoY jump in tax expenses to Rs 2,087 crore. However, net sales at Rs 48,088 crore and up 8.7 per cent YoY, were slightly lower than expectations of Rs 48,602 crore. Sequentially, it jumped 35 per cent.
