L&T stocks up nearly 12% after strong Q4 earnings

Shares of Larsen and Toubro (L&T) surged nearly 12% in early trade on Thursday after the company reported an 18.5% jump in consolidated net profit at Rs 2,453.6 crore for the March quarter.

Opening on a positive note, the company's stock jumped 11.31% to Rs 1,436.45 on the Bombay Stock Exchange (BSE).

At the National Stock Exchange (NSE), the scrip soared 12.10 per cent to Rs 1,448.

Larsen and Toubro (L&T) on Wednesday reported an 18.55% growth in consolidated net profit at Rs 2,453.6 crore for the quarter ending March 2016 on the back of higher income driven by the infrastructure segment.

The company had clocked a net profit of Rs 2,069.6 crore in the corresponding quarter of 2014-15, it said in a BSE filing.

Total income of the engineering and construction firm rose 18.3% to Rs 33,157 crore in the January-March quarter, from Rs 28,022.6 crore in the same quarter in 2014-15.

For the whole year, Larsen and Toubro's consolidated net profit increased 6.8% to Rs 5,090.5 crore as against Rs 4,764.8 crore in 2014-15.

"Larsen and Toubro recorded consolidated gross revenue of Rs 1,03,522 crore for the year ended March 31, 2016, registering an increase of 12% over the previous year. The international revenue during the year  constituted 32% of the total revenue," the company said. 

At 14:35 hours, the shares of Larsen and Toubro were trading up 12.19% or Rs 157.40 at Rs 1,448.70 per scrip on the BSE.