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Saturday, July 30, 2016

L&T received fresh orders worth Rs 29,702 crore during the quarter, registering a 14 percent growth compared with year-ago period. International orders at Rs 13,211 crore constituted 44 percent of the total order inflow, the company said in its filing.

Engineering and construction major Larsen and Toubro's (L&T) first quarter earnings missed analysts' expectations on all parameters Friday. Consolidated profit jumped 46 percent year-on-year to Rs 609.6 crore and revenue increased 9.1 percent to Rs 21,874 crore.

Profit was estimated at Rs 770 crore on revenue of Rs 22,477 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

While addressing press conference, R Shankar Raman, CEO said he expects guidance of fresh orders and revenue for FY17 to remain on course at 15 percent and 12-15 percent, respectively. 

Profit was partly impacted by tax expenses that increased 28.2 percent to Rs 548.80 crore YoY but supported by finance cost (fell 13.3 percent) and higher other income (up 6.7 percent).

Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) grew by 16 percent to Rs 1,905 crore and margin expanded by 50 basis points to 8.7 percent YoY, which were far below analysts' expectations of Rs 2,500 crore and 11 percent, respectively.

The stock closed at Rs 1,558, down 1.20 percent ahead of quarterly earnings that announced after market hours. 

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