After suffering a decline of 6 per cent on Wednesday, Larsen & Toubro (L&T) shares suffered another decline of 3 per cent at Rs 1,470 apiece in the morning trading on Thursday on the Bombay stock Exchange (BSE), due to worse-than-expected Q4 results.

L&T, India's biggest engineering and construction firm, on Wednesday reported a year-on-year decline of 6.9 per cent in net profit at Rs 1,788 crore for the quarter ended March 31, 2013.

In the corresponding quarter of the previous fiscal, the company had had reported a profit of Rs 1,920 crore.

Net sales in the January to March quarter of 2013, however, jumped 10 per cent to Rs 20,294 crore, as against Rs 18,461 crore in the year ago period.

Analysts had projected an average profit and net sales of Rs 1,845 crore and Rs 20,874 crore, respectively, for the company's fourth quarter.

Commenting on the results, Angel Broking's Phani Sekhar said, "The results of Larsen and Toubro (L&T) have been below expectations, but it is understandable. We are in a very tough and challenging macro environment."

The company, however, expects an increase of 20 per cent in order intake and of 15-16 per cent in revenue during the current fiscal year, as the company's international reach is increasing.