102% return in 2 years: Larsen & Toubro shares surge after earnings announcement - Is this right time to Buy?

 Larsen & Toubro Share Price NSE, BSE: Shares of civil construction company Larsen & Toubro are in focus after the company posted a 12 per cent rise in consolidated profit after tax (PAT) in the first quarter of the financial year 2024-25. The counter climbed nearly 3 per cent even as the equity market benchmark indices Sensex and Nifty tumbled in early trade. The scrip opened at Rs 3548.95 and further gained to touch the level of Rs 3619.70 - a gain of around 3 per cent from the previous close of Rs 3519.40 on the BSE.  At the NSE, it went up by 2.71 per cent to Rs 3,614.95 apiece.

Larsen & Toubro Share Price Target

Brokerage firm JM Financial has given a 'BUY' call on this stock and has set the target price of Rs 3,890 in the next 12 months. This means the stock can see an upside of over 10 per cent from here.

Larsen & Toubro Share Price History

The shares of Larsen & Toubro have given a multibagger return of over 102 per cent in two years and 124.30 per cent in three years. In one year, the stock has made investors weather by over 40 per cent. However, the stock has gained just 2.65 per cent so far this year.

Larsen & Toubro Quarterly Results

Larsen & Toubro on Wednesday posted a 12 per cent rise in consolidated profit after tax to Rs 2,786 crore in the June quarter, on the back of higher revenues.

The company has achieved consolidated revenues of Rs 55,120 crore for the first quarter of the current fiscal, registering a year-on-year growth of 15 per cent with a robust execution witnessed in the projects and manufacturing portfolio on the back of a large order book, Larsen and Toubro said in a statement.

International revenues during the quarter at Rs 26,248 crore constituted 48 per cent of the total revenues.

Further, the company received orders worth Rs 70,936 crore at the group level during the quarter, registering a growth of 8 per cent, aided by the strong ordering momentum in the Middle East.