Mumbai: Infrastructure conglomerate Larsen & Toubro on Wednesday 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. The Infrastructure major did not publish the consolidated financial results for the quarter.
Reacting to numbers, shares of L&T fell by 4.69 per cent to Rs 1,531.30 apiece on BSE at 1405 hrs. Analysts said the results were below their expectations. L&T in a filing to the BSE also announced to give company shareholders one bonus share of Rs 2 each for every two shares of Rs 2 each they hold to commemorate its platinum jubilee.
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 Q4 of FY'12, 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 of Q4 of FY'12, affecting L&T's profitability during the January-March period.
For the financial year ended March 31, 2013, the company reported a standalone net profit of Rs 4,910.65 crore, up 10 per cent from the previous year's level of Rs 4,456.50 crore.
Its consolidated net profit in the last fiscal stood at Rs 5,205.67 crore, up 10.91 per cent vis-a-vis Rs 4,693.69 crore of FY'12. Consolidated net sales of the company rose by 15.84 per cent during the last fiscal at Rs 74,498 crore as against a net sales of Rs 64,313.11 crore.
However, L&T's profitability for the full year ended March 31, 2013, was affected by over 72 per cent increase in its interest outgo (at Rs 2,095.02 crore).
Orderbook of the company stood at Rs 1,53,604 crore as on March 31, 2013, recording an yearly growth of 25 per cent. International orders constitute 13 per cent of its total orderbook. The company Board has also recommended a dividend of Rs 18.50 per equity share to its shareholders.
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