Shares of L&T Finance Ltd. rose to the highest level in over one week on Thursday after the company's first quarter net profit was in line with estimates.
The company's consolidated net profit rose 29% year-on-year to Rs 685 crore, compared to Rs 677 core estimated by analysts tracked by Bloomberg. This is also the highest ever net profit reported by the company.
L&T Finance Q1 FY25 Result Highlight (Consolidated, YoY)
Total income up 12% at Rs 3,785 crore versus Rs 3,377 crore.
Net profit up 29% at Rs 685 crore versus Rs 531 crore (Bloomberg estimate: Rs 677 crore).
Shares of L&T Finance Ltd. rose 3.04%, the highest level since July 8, before paring gains to trade 1.43% higher at Rs 186.70 per share as of 10:12 a.m. This compares to a 0.15% advance in the S&P BSE Sensex.
The scrip gained 41.26% in 12 months, and 12.89% year-to-date. Total traded volume so far in the day stood at 1.38 times its 30-day average. The relative strength index was at 57.87.
Out of 20 analysts tracking the company, 17 maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 7.4%.
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