L&T quarterly results
Larsen & Toubro recorded Consolidated Gross Revenue of ₹ 141,007 crore for the year ended March 31, 2019, achieving a robust y-o-y growth of 18%. The International revenue during the year at ₹ 45,109 crore constituted 32% of the total revenue. The Consolidated Gross Revenue in the quarter January to March 2019 at ₹ 44,934 crore recorded an increase of 10% on y-o-y basis. Consolidated Profit After Tax (PAT) for the year ended March 31, 2019 at ₹ 8,905 crore registered strong growth of 21% y-o-y. The overall PAT for the quarter January to March 2019 grew to ₹ 3,418 crore from ₹ 3,167 crore for the corresponding quarter of the previous year.
L&T has been in a broad consolidation of 1182 and 1471 for the past one and half year now. Fibonacci analysis done on the counter show that the last swing correction has not been more than 38.2%. So for one full year and a half the counter has not closed below the 38.2% and that is an indication of tremendous strength. A counter that does not fall more than 38.2% of the swing is an indication of tremendous strength. Here we have selected the last swing low of 700 and the high of 1472. Therefore a stock that does not break below the 38.2% of the last swing is a stock which is indicting a strong uptrend. It is indicating that the bulls are preparing to take the stock higher. Falling volumes on the decline are an indication of strength. RSI has taken support above the 40 levels during the stock taking support at the 38.2% which is again very positive. A breakout above the 1471 levels will mean the stock will move to 1586 and then 1700 levels. Therefore definitely a good buy on the breakout.