L&T hits a new high
L&T is amongst the top gainers on the BSE currently, with the stock opening higher at Rs.1612.25, going on to hit a new 52-week high at Rs.1649.
The stock is buzzing today, enthused by the robust numbers it posted for Q4FY14. Its net profit for the quarter rose, on the back of higher top line, better operational performance and also an exceptional income of Rs.484 crore through stake sale in L&T Finance helped. Its net profit was up 60% (YoY) at Rs.2723 crore and even if we remove the exceptional gain, the surge in net profit is very good. Its net sales for the quarter rose 11% at Rs.20.079 crore and international orders contributed 15% to this top line. EBITDA came in at Rs.2901 crore, yup 36%. EBITDA margin growth was encouraging at 14.4% v/s 11.8% (YoY). Order intake though remained flat at Rs.26,737 crore v/s Rs.26,627 crore.
As at 31st March 2014, order intake YoY, rose 13% at Rs.1.62 lakh crore and in current fiscal, expects order inflow to rise 20% and revenue to grow by 15%. The good news for the investors was that the company plans to list two of its units – L&T Infotech and L&T tech Services and hopes to begin the IPO process by July 2016.