Share price of Larsen & Toubro rose 3.5% intraday on Thursday, after the capital goods company posted 15% growth in YoY rise in PAT, driven by lower tax cost (down 37% YoY) and operating income.
Following the result update, L&T share price rose to intraday high of Rs 1,339.50, gaining 3.3% on BSE against the previous close of Rs 1,294.25. L&T share price has gained after 2 days of consecutive fall. The stock has risen 0.73% in a week, 1.33% in a month and 2.13% in a year.
Larsen and Toubro stock price has moved above its 30 and 50-day simple moving average today, but lower than 100 and 200-day moving averages.
Volume-wise, 1.52 lakh and 57.9 lakh shares changed hands on BSE and NSE.
Shares of L&T closed 0.64% lower at Rs 1,294.25 on Wednesday.
L&T's consolidated profit after tax (PAT) from continuing operations for the quarter ended December 31, 2019, stood at Rs 2,560 crore, registering a growth of 15% over Rs 2218.68 crore recorded in the corresponding quarter of the previous year.
Larsen & Toubro recorded consolidated revenue of Rs 36,243 crore from continuing operations for the quarter ended December 31, 2019, registering a growth of 6% (YoY) from Rs 36,233 crore. The company said its revenue impacted by execution in the infrastructure business, that recorded revenue of Rs 17,249 crore for the quarter, registering a 5% YoY decline.
R Shankar Raman, CFO said L&T was on track to meet the full-year (FY20) order inflow growth guidance of 10-12% YoY and maintained revenue growth forecast at 12-15%.