Shares of engineering firm Larsen & Toubro rose as much as 2.9 per cent to Rs 1,834 in Tuesday’s trade after the company reported a 28 per cent rise in consolidated profit for March quarter on Monday.
The scrip, however, tanked soon after and fell 1.27 per cent to trade at Rs 1,765 at 10.40 hours (IST).
L&T’s March quarter profit stood at Rs 3,180 crore compared with Rs 2,482 crore posted for the year-ago period.
Analysts attributed the rise in fourth quarter profit to lower interest cost and lower tax outgo.
Some analysts said expansion of core engineering and construction margins and lower working capital made up for the negatives, which included weak domestic revenue growth.
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