Profits up 19% for Larsen & Toubro
Results from major Indian contractor Larsen & Toubro for the quarter ended 30 June have reported a rise in profits of 19% compared with the previous year.
Orders were up 21% and revenue by 26%.
Recurring profit after tax (PAT) for the quarter stood at INR890 crore (£102.8m) recording an increase of 19% over the corresponding quarter of the previous year amidst volatile market conditions. After considering an exceptional item of expenditure, the overall PAT for the quarter stood at INR864 crore (£99.8m).
Gross revenue was INR12,078 crore (£1.4bn) for the quarter ended 30 June. The inflow of orders was INR19,594 crore (£2.2bn). The major orders came from the infrastructure, building and factories, and power transmission and distribution sectors. International sales represented 17% of the total revenue.
The order book stood at INR153,095 crore (£17.6bn) as at 30 June.
The engineering & construction (E&C) segment achieved net revenue of INR10,441 crore (£1.2bn) for the quarter ended 30 June, registering a year-on-year growth of 30%. L&T reported that the the subdued economic environment led to capital expenditure and expansion decisions being deferred. Nevertheless, the E&C Segment won fresh orders of INR17,804 crore (£2.1bn) during the quarter, registering a year-on-year growth of 24%.
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This article was published on 25 Jul 2012 (last updated on 25 Jul 2012).