The Larsen and Toubro stock rose in early trade after the infrastructure major reported a 28.36 per cent jump in its consolidated net profit to Rs 2,593.41 crore for the quarter ended September 30. The stock rose up to 6.2% to Rs 1,382 in intra day trade on BSE. It opened with a gain of 2.91% at Rs 1336.15.
At 9: 51 am, the stock was trading 4.59% or 60 points higher at Rs 1,358 on the BSE. The stock was the gainer on Sensex and Nifty. On Nifty, the stock rose 4.69% to 1358.95 level.
The large cap stock has been gaining for last four days and has risen 14.39% during the period. The stock has gained 12.97% during the last one year and gained 9.24% since the beginning of this year.
29 of 35 brokerages rate the stock "buy" or 'outperform', four "hold" and 1 "underperform" and 1 "sell", according to analysts' recommendations tracked by Reuters.
The infrastructure conglomerate had clocked a net profit after tax of Rs 2,020.30 crore in the year-ago period.
The company's total consolidated income of the company rose to Rs 32,506.10 crore in the July-September quarter from Rs 26,846.41 crore in the same period previous fiscal, the company said.
Total expenses rose to Rs 29,225.10 crore from Rs 24,308.17 crore.
"The company has witnessed a strong growth of 46 per cent, with order wins worth Rs 41,921 crore at the group level during the quarter ended September 30, 2018 due to pick-up in domestic ordering activity. International orders at Rs 8,268 crore constituted 20 per cent of the total order inflow," the company said.
Infrastructure segment secured orders of Rs 23,406 crore during the quarter ended September 30, registering a substantial growth of 69 per cent on a year-on-year basis.
The company said its power segment recorded customer revenue of Rs 1,059 crore during the quarter, a fall of 36 per cent over the corresponding quarter of the previous year, mirroring a depleting order book.
Heavy engineering segment secured fresh orders valued Rs 1,296 crore during the September quarter. International orders constituted 49 per cent of the total order inflow of the segment during the quarter.
Defence engineering segment reported a revenue of Rs 930 crore, lower by 6 per cent over the corresponding quarter previous year.
International revenue constituted 8 per cent of the total revenue of the segment.
Electrical & Automation (E&A) posted a revenue of Rs 1,403 crore, registering a year-on-year increase of 14 per cent.
On outlook, the company said the government's thrust to infrastructure development, rural electrification, water supply and irrigation has provided investment momentum to the domestic markets for the past few quarters.
Larsen & Toubro is a technology, engineering, construction, manufacturing and financial services company.
The company's segments include infrastructure, power, metallurgical & material handling, heavy engineering, electrical & automation, hydrocarbon, IT & Technology Services, Financial Services, Developmental projects, and others, which include realty and shipbuilding.
Meanwhile the Sensex was trading flat at 34,439 and the Nifty stood at 10,370.