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Larsen & Toubro (L&T) suffered fall in share prices due to decrease in net profits

Business Finance

Larsen & Toubro (L&T) are one of the biggest companies in India. And as we know Covid-19 is affecting each sector. So, with Larsen & Toubro also same happened. The majority of the sectors and companies are firstly not able to earn profits. And if they are earning profits then it is comparatively much less than the last year. After this, in minimal time only, shares of these companies fell down by a huge percent like L&T.

Recently, Larsen & Toubro (L&T) declared its profits for the September quarter. But after this, their shares fell down to almost 5%. The reason behind this is that their profits are 45% less than last year for the same quarter. On BSE, the shares fell down Rs 935.55, this is a 4.88% fall. And at the same time on NSE, it fell down to Rs 935.10, this is a 4.85% fall.

Larsen & Toubro (L&T) earned a net profit of Rs 1,410.29 crore for this quarter. And last year it was 45% more than this quarter. Earlier, the profits were Rs 2,551.67 crore, for the same quarter last year.

“Net profit after tax (PAT) and share in profit / (loss) of joint ventures/associates from continuing operations before exceptional items for the quarter is at Rs 1,410 crore, registering a sequential improvement of nearly 4 times reflecting a pickup in the business momentum. However, the impact of the pandemic in terms of lower revenue, higher credit provisions in the financial services business, and disruption of the Metro services led to the decline of 45 percent vis-a-vis reported PAT of the corresponding quarter of the previous year at Rs 2,552 crore,” the company said in a statement.

The total income of the company fell to Rs 31,593.77 crores in the July-September quarter. It was Rs 35,924.89 crore a year-ago period.