Larsen and Toubro‘s share price crashed over 3% at market open on Thursday after the company posted its results for the March quarter.

What Happened: The company’s revenue from operations was up 10% at ₹58,335 crore as against ₹52,851 in the same quarter last year. The company’s Infrastructure Projects brought in the major chunk of revenue at ₹31,222 crore. The IT & Technology Services segment brought in revenues of ₹10,645 in the quarter that ended in March. The construction giant’s order inflows for the quarter stood at ₹76,099 crore.

The company’s EBITDA for the quarter stood at ₹6,833 crore, up 5% year-over-year. However, the company’s EBITDA margin declined to 11.7% as against 12.3 in the corresponding quarter last year. The group’s consolidated profit after tax stood at ₹3,987 crore, up 10% as against the ₹3,621 crore profit it booked in the March quarter of 2022. However, the number was lower than consensus estimates as most market analysts expected the company to post profits of over ₹4,100 crore. Earnings per share for the quarter stood at ₹28.37.

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Brokerages however maintained a positive outlook for the stock. Global brokerage firm CLSA maintained its ‘buy’ rating for the stock with a price target of ₹2,790. Jefferies also maintained its ‘buy’ rating for the stock with a price target of ₹2,900.

The company also declared a ₹24/share dividend for the year ended March. The company also announced that A M Naik has decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on 30th September 2023. The company’s board has elevated him to the status of Chairman Emeritus. S N Subrahmanyan was appointed as Chairman and Managing Director with effect from October 1, 2023. He is currently the Chief Executive Officer and Managing Director of the Company.

Price Action: L&T share price was down 3.47% to trade at ₹2,282.45 as the markets opened on Thursday.

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