Larsen and Toubro (L&T) has dipped 4% at Rs 868 on back of heavy volumes on the bourses. The stock opened at Rs 900 and hit a 52-week low of Rs 861 in afternoon deal. A combined 4.89 million shares have already changed hands on the counter till 1244 hours against an average sub 3 million shares that were traded daily in past two weeks on NSE and BSE.
Shares of L&T has fallen nearly 11% in past three trading sessions as compared to 0.35% fall in Sensex after posted a disappointing set of numbers for the quarter ended June 30, 2013 (Q1).
L&T reported 16.2% year-on-year (yoy) decline in net profit at Rs 756 crore which was lower than an average analyst estimate of Rs 934 crore. This was mainly on the back of lower-than-expected execution and poor operating performance.
On the EBITDA front, the company reported a yoy dip of 56bp to 8.5% owing to lower-than-expected execution and high construction and sub-contracting costs.
Meanwhile, the management mentioned that growth and margins should improve going forward as domestic orders won during FY13 are executed.
Shares of L&T has fallen nearly 11% in past three trading sessions as compared to 0.35% fall in Sensex after posted a disappointing set of numbers for the quarter ended June 30, 2013 (Q1).
L&T reported 16.2% year-on-year (yoy) decline in net profit at Rs 756 crore which was lower than an average analyst estimate of Rs 934 crore. This was mainly on the back of lower-than-expected execution and poor operating performance.
On the EBITDA front, the company reported a yoy dip of 56bp to 8.5% owing to lower-than-expected execution and high construction and sub-contracting costs.
Meanwhile, the management mentioned that growth and margins should improve going forward as domestic orders won during FY13 are executed.