Analysts on an average had expected a profit of Rs 17.35 billion and revenue of Rs 297 billion for the quarter. The consolidated earnings before interest, taxation, depreciation and ammortisation (Ebitda) at Rs 38 billion, up 27% Y-o-Y, was ahead of analysts’ estimates of Rs 33.5 billion.

L&T said the growth during the quarter was facilitated with improved execution in project businesses, strong growth in service businesses and recognition of revenue on completed performances in the realty business.

The company has witnessed a strong growth of 46%, with order wins worth Rs 419.21 billion at the group level during the quarter ended September 30, 2018, due to pick-up in domestic ordering activity. International orders at Rs 82.68 billion constituted 20% of the total order inflow, it added.

L&T's order book stood at Rs 2.81 trillion, as of September 30, of which, the international order book constituted 22%.

L&T's order book stood at Rs 2.81 trillion, as of September 30, of which, the international order book constituted 22%.

JP Morgan has ‘overweight’ rating on the stock with 12 month target price of Rs 1,570 per share. The brokerage firm believes the strong near-term order inflow performance, better-than-expected order/revenue growth guidance, management focus on RoE improvement afford a good entry point into the stock. From a two-year investment horizon it believes that L&T offers a focus on a potential recovery in the private investment cycle too.

At 09:30 am; L&T was trading at Rs 1,374, up 5.8% on the BSE, as compared to 0.05% rise in the S&P BSE Sensex. A combined 2.64 million equity shares changed hands on the counter on the BSE and NSE.