L&T

L&T posted a good set of numbers for Q3FY14 but the market was disappointed on account of the order inflow. But that is likely to dissipate once the market looks at the earnings and rightly so, today it is amongst the top gainers. Net profit was up 11% (YoY) at Rs.1241 crore on a 12% jump in revenue at Rs.14,387 crore. After considering the exceptional gain on dilution of part stake in a subsidiary company, the overall PAT grew by 22% during the quarter.

Its power and metallurgical and material handling business did not do too well and that left a telling effect on the earnings. Revenue from its power segment fell 30% while that of infrastructure rose 21%. Metallurgical and material handling too fell 5%. The saving grace was heavy engineering which showed a 22% jump in revenue and electrical and automation revenue rose 13%.

Order Inflow during the quarter was strong at Rs.21722 crore , up 12% (YoY). Major orders came from the Infrastructure segment. The International order inflow during the quarter at Rs.8237 crore, more than doubled on the back of major orders secured in the Middle East. The cumulative order inflow for the nine months period April-December 2013 stood at Rs.67371 crore registering a 23% growth (YoY). Its total order book was at Rs.171184 crore, of which 15% comprised of international orders.