L038;T profit rises 26,sales lag estimates

The subdued growth in sales was mainly due to delay in clearances from the clients in case of a few project orders in infrastructure sector,and also due to lower off-take of industrial products and machineries during this period, it said. The companys order book stood at Rs 81,623 crore,registering an increase of 30 y-on-y,up from its earlier forecast of 25 per cent,but said revenue growth may slow to 15 per cent from the earlier estimate of 15-20 per cent.

The market reacted negatively to the revenue figures and Lamp;T shares slid the most in more than two months. Lamp;T closed down 3.86 per cent at Rs 1,608.50. Orders from the hydrocarbon and power sectors enabled the engineering and construction segment to register a record 63 growth in Order Inflow y-on-y. The segments proven capability to execute mega projects within stiff timeline and challenging cost target,helped it win new orders in the fiercely competitive environment.