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L T Q3 show takes stock 4% higher

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NEW DELHI: Shares of Larsen Toubro (LT) jumped 4 per cent early Monday, buoyed by the infrastructure major's healthy December quarter numbers. LT came out with its third quarter numbers post market hours on Friday.

Its profit stood at Rs 2,042 crore in October-December of FY19 over Rs 1,490 crore in Q3 FY18.

An earlier ETNow poll pegged profit at Rs 1,860 crore.

Revenue from operations jumped 24 per cent to Rs 35,709 crore in Q3 against Rs 28,747.45 crore in the same period last year.

Many brokerages have kept faith in the company on its performance.

Macquarie considers earnings well ahead of the consensus and highlighted that the guidance is retained on all parameters.

The brokerage maintained 'Outperform' call on the stock with a target price of Rs 1,880. Credit Suisse has maintained 'Outperform' on the stock, with a target price of Rs 1,700, but highlighted the concern of lower EPS margins in infra.

Financial firm Phillip Capital said the company managed the liquidity crisis in the third-quarter without compromising on execution. It maintained 'Buy' rating on the stock with a target price of Rs 1,520. Shares of LT traded 1.99 per cent up at Rs 1,311.10 around 10.55 am.




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