Share of Larsen and Toubro Ltd (L&T) was trading lower in afternoon session on Thursday after the construction major reported a weak set of June quarter earnings.
"The consolidated PAT attributable to shareholders of the company, including profits from discontinued business, is Rs 303 crore, reflecting a decline of 79% vis-a-vis PAT of Rs 1,473 crore for the corresponding quarter of the previous year," L&T said in its regulatory filing submitted yesterday.
Following L&T's Q1 update, company's shares rose 2% to Rs 937.80 in opening trade on BSE. However, they lost momentum to trade at day's low of Rs 910.25, down 1.1% against the last close of Rs 920.95. The stock has fallen 2.02% in the last 2 days. The large cap stock trades higher than 50-day but lower than 5, 20, 100 and 200-day moving averages. L&T share has fallen 0.45% in one week, 5.25% in one month and 29% since the beginning of the year.
The engineering and infrastructure major's consolidated income fell 27% YoY to Rs 22,037.37 crore for Q1FY21, while its consolidated gross revenue fell 28% YoY to Rs 21,260 crore.
L&T's order book stood at Rs 3 lakh crore during June. The company bagged orders worth Rs 23,574 crore at the group level during the quarter ended June 30, 2020, registering a decline of 39%.
"The company's focus continues to be on responsible resumption, profitable execution of its large order book with higher operational efficiencies, liquidity management, tight expense control and successful transitioning to a new work environment," L&T added later.