Larsen & Toubro shares tank nearly 5 pc after Q2 earnings

The engineering and construction giant on Wednesday posted a 45 per cent decline in consolidated net profit to Rs 1,410.29 crore for the quarter ended September, hit by the COVID-19 pandemic. The company had clocked a net profit of Rs 2,551.67 crore in the year-ago period, it said in a regulatory filing.


PTI | New Delhi | Updated: 29-10-2020 11:20 IST | Created: 29-10-2020 11:18 IST
Larsen & Toubro shares tank nearly 5 pc after Q2 earnings
Representative Image Image Credit: Pixabay
  • Country:
  • India

Shares of Larsen & Toubro (L&T) on Thursday tanked nearly 5 percent after the company posted a 45 percent decline in consolidated net profit for the quarter ended September. The stock plunged 4.88 percent to Rs 935.55 on the BSE.

On the NSE, it tanked 4.85 percent to Rs 935.10. The engineering and construction giant on Wednesday posted a 45 percent decline in consolidated net profit to Rs 1,410.29 crore for the quarter ended September, hit by the COVID-19 pandemic.

The company had clocked a net profit of Rs 2,551.67 crore in the year-ago period, it said in a regulatory filing. "Net profit after tax (PAT) and share in profit / (loss) of joint ventures/associates from continuing operations before exceptional items for the quarter is at Rs 1,410 crore, registering a sequential improvement of nearly 4 times reflecting a pickup in the business momentum.

"However, the impact of the pandemic in terms of lower revenue, higher credit provisions in the financial services business and disruption of the Metro services led to the decline of 45 percent vis-a-vis reported PAT of the corresponding quarter of the previous year at Rs 2,552 crore," the company said in a statement. Total consolidated income fell to Rs 31,593.77 crores in the July-September quarter, from Rs 35,924.89 crore in the year-ago period.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback