L&T Shares Fall 5% After Earnings Announcement

Industrial conglomerate Larsen & Toubro’s shares fell nearly 6 per cent on Thursday, a day after the company reported a quarterly loss from continuing operations on a standalone basis. In a regulatory filing after market hours on Wednesday, the infrastructure major said its net loss from continuing operations came in at Rs 1,767.10 crore in the July-September period, as against a net profit of ₹ 1,718.52 crore in the corresponding period a year ago. L&T shares slumped as much as 5.76 per cent to ₹ 927 apiece on the BSE on Thursday, having begun the day weaker at ₹ 953 on the bourse compared to their previous close of ₹ 983.65.

However, L&T posted a net profit of Rs  6,716.51 crore from continuing and discontinued operations, as against ₹ 1,925.47 crore in the corresponding period a year ago. 

Its revenue from operations stood at ₹ 15,791.68 crore in the second quarter of current financial year, from ₹ 18,748.21 crore in the year-ago period. 

Weakness in the Larsen & Toubro stock led a drop in the infrastructure space. The Nifty Infra index – which tracks 30 infrastructure-related shares – dropped as much as 1.27 per cent in a volatile session on Thursday.

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