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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.
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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.
