L&T slumps nearly 8% as Apr-Jun profit falls

L&T slumps nearly 8% as Apr-Jun profit falls Mumbai: Shares of Larsen and Toubro (L&T) Monday tanked nearly 8 percent after the infrastructure conglomerate reported 12.46 percent decline in standalone net profit for the quarter ended June 30, 2013.

The scrip ended at Rs 901.95, down 7.46 percent from its previous close on the BSE.

At the NSE, the stock settled at Rs 900, 7.60 percent lower.

The stock was the top loser on both key indices Sensex and Nifty.

Despite a positive opening, shares of the company went into a tailspin soon after results were announced.

L&T today reported 12.46 percent decline in standalone net profit to Rs 756.03 crore for the quarter ended June 30 on subdued revenue growth and a drop in other income.

The company had posted a net profit of Rs 863.65 crore during the corresponding quarter of the previous fiscal.

Net sales grew 5 percent to Rs 12,555.06 crore during the quarter from Rs 11,956.35 crore in Q1 of 2012-13, it said in a filing to the BSE.

The company's revenue was impacted by a 44 percent fall in the power business segment at Rs 1,274.94 crore and an almost 18 percent fall in the metallurgical and material handling business at 1,086.92 crore.

PTI