Shares of Larsen & Toubro Limited today slumped by 6 per cent after the company reported 6.9 per cent decline in standalone net profit for the fourth quarter ended March,2013. The infrastructure conglomerate's shares tanked over 6 per cent to Rs 1,503 in intra-day trade and finally ended the day at Rs 1,517.10,down 5.57 per cent on the BSE. At NSE,the scrip settled 6.05 per cent lower at Rs 1,508.40. STOCK MARKETS LINKS * BSE Sensex * NSE Nifty * Top Gainers/Top Losers * Top Value * Top Quantity * Best Performing Mutual Funds The stock was the top loser on both Sensex as well as Nifty. "Higher finance costs resulted in disappointment in infra major L&T results," said Milan Bavishi,Head Research,Inventure Growth and Securities. Larsen & Toubro today reported 6.90 per cent decline in standalone net profit at Rs 1,787.94 crore for the fourth quarter ended March,2013,due to a sharp rise in interest outgo. The company had reported a net profit of Rs 1,920.41 crore for the corresponding quarter of 2011-12. Net sales of the company were up nearly 10 per cent at Rs 20,293.83 crore during the quarter vis-a-vis Rs 18,460.90 crore of the fourth quarter of FY12,it said in a filing to the BSE. However,it reported 132 per cent rise in finance costs at Rs 280.99 crore during the quarter as against Rs 121.09 crore in fourth quarter of FY12,affecting L&T's profitability during the January-March period. The company did not publish the consolidated financial results for the quarter. Meanwhile,BSE benchmark Sensex ended the day at 20,062.24,down 49.37 points.
