Left Menu
Development News Edition

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

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.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

Kerala reports 5,375 new COVID-19 cases

Kerala reported 5,375 new cases of COVID -19 and 26 deaths in the last 24 hours.According to the data released by the state government, 6,151 patients recovered today and total recoveries have gone up to 5, 44,864.The state has 61,092 act...

COVID-19 can spark new generation of social protection measures: UN chief

Antnio Guterres was speaking at an event to commemorate the 25th anniversary of the World Summit for Social Development, where he called for bold and imaginative action by leaders to avert the long-term impacts of the crisis. The pandemic...

Now Sabarimala Prasadam for devotees at their doorstep via Speed Post

Department of Posts has decided to deliver Sabarimala Swami Prasadam to devotees across the country at their doorstep. According to the official press release on Tuesday, Keeping in view devotees across the country, Department of Posts conc...

Delhi Minister Gehlot, AAP leader Atishi extend support to protesting farmers

Delhi Minister Kailash Gehlot on Tuesday visited Burari, a designated protest site for farmers in the national capital while Aam Aadmi Party AAP leader Atishi visited Singhu border Delhi-Haryana to extend their support to the protesting far...

Give Feedback