Larsen and Toubro shares jump over 4% after June quarter earnings

New Delhi: Shares of Larsen and Toubro (L&T) on Wednesday jumped over 4 per cent after the company posted a 36 per cent rise in net profit to Rs 3,116.12 crore in the June quarter.

The stock climbed 4.21 per cent to reach its 52-week high of Rs 2,670 on the BSE.

At the NSE, it gained 4.26 per cent to hit its 52-week peak of 2,670.

The stock emerged as the biggest gainer on both the BSE Sensex and NSE Nifty.

Infrastructure major Larsen and Toubro on Tuesday posted a 36 per cent rise in net profit to Rs 3,116.12 crore in the June quarter, mainly aided by execution of a healthy order book in its projects and manufacturing portfolio.

The company's board has approved buy back of shares worth up to Rs 10,000 crore.

According to a regulatory filing, the total income increased to Rs 49,027.93 crore in the first quarter of the current fiscal from Rs 36,547.92 crore in the year-ago period.

It had a net profit of Rs 2,293.01 crore in the corresponding period of 2022-23.

L&T's expenses in the June quarter rose to Rs 44,695.56 crore from Rs 33,619.24 crore a year ago.

The Board of Directors of the company has approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on the buyback.

The proposal is subject to the approval of shareholders.

Further, the board has cleared a special dividend of Rs 6 per equity share.