L&T Q1 misses forecast, net falls 12.5% to Rs 756 cr

Larsen & Toubro (L&T) disappointed the street on every parameter with the first quarter (April-June) net profit falling higher-than-expected 12.5 percent year-on-year to Rs 756 crore.
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Jul 23, 2013, 08.28 AM | Source: Moneycontrol.com

L&T Q1 misses forecast, net falls 12.5% to Rs 756 cr

Larsen & Toubro (L&T) disappointed the street on every parameter with the first quarter (April-June) net profit falling higher-than-expected 12.5 percent year-on-year to Rs 756 crore.

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L&T Q1 misses forecast, net falls 12.5% to Rs 756 cr

Larsen & Toubro (L&T) disappointed the street on every parameter with the first quarter (April-June) net profit falling higher-than-expected 12.5 percent year-on-year to Rs 756 crore.

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Moneycontrol Bureau

Larsen & Toubro (L&T) disappointed the street on every parameter with the first quarter (April-June) net profit falling higher-than-expected 12.5 percent year-on-year to Rs 756 crore.

Net sales increased lower-than-expected 5 percent to Rs 12,555 crore in June quarter from Rs 11,955 crore YoY. EBITDA margins shrunk to 8.5 percent from 9.1 percent YoY as big ticket orders were hard to come by.

The firm has already achieved 25 percent growth in its order book to over Rs 25,000 crore in Q1.

Analysts on an average had expected it to report net profit of Rs 991 crore on net sales of Rs 13,643 crore.

Post earnings announcement, L&T shares declined over 7 percent to Rs 905.85 post earnings announcement.

Have a loot at segment-wise performance of the heavy enginering and construction major.

Power segment: PAT down 44 percent to Rs 1275 crore due to a general slowdown in orders.

Infra vertical: PAT up 23 percent to Rs 5217 crore.

Hydrocarbon division: PAT up 44 percent to Rs 1275 crore.

Going ahead, the company said, persistent macro concerns, currency volatility and uncertainty in financial markets has impacted the Indian economy. However, recent measures taken by the government particularly in the areas of foreign direct investment reduction in oil and power subsidy are expected to bear fruit in medium term.

The company has also said that it will continue to focus on international markets including CIS regions, south Asia and Africa for order intake.

Heavy engineering: PAT up 16 percent to Rs 1321 crore.

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L&T Q1 misses forecast, net falls 12.5% to Rs 756 cr

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