L&T net up 13% to Rs 1,121.75 cr in Oct-Dec
Mumbai: Engineering and construction major Larsen and Toubro (L&T) Thursday reported over 13 percent jump in standalone net profit to Rs 1,121.75 crore for the quarter ended December 31, 2012, on the back of good sales and increase in other income.
The company had reported a net profit of Rs 991.66 crore in the same quarter last fiscal.
Net sales of the company were up 10.34 percent to Rs 15,429.36 crore during the current quarter vis-a-vis Rs 13,983.61 crore in the October-December quarter of FY'12, it said in a filing to the BSE.
Moreover, the company registered over 25 percent growth in its other income, mainly interests earned on deposits, to Rs 530.18 crore during the quarter, while its total expenditure went up over 10 percent to Rs 14,154.78 crore.
In a separate statement, L&T said that it received new orders worth Rs 19,545 crore during October-December period, registering a growth of 14 percent.
"Order inflow at Rs 19,545 crore during October-December 2012 recorded year-on-year growth of 14 percent ... International order inflow contributed 22 percent of the total order inflow during the quarter," it said.
As on December 31, 2012, the company had a total order book of Rs 1,62,334 crore, it further said, adding that major orders were received from buildings and factories, infrastructure and power transmission and distribution sectors.
In its outlook, the company said that Indian economy continues to grapple with challenges like persisting inflationary pressures, volatile currency market, tight liquidity concerns and impaired investment climate.
"Speedy implementation of proposed reforms and follow-through policy measures hold the key for rediscovery of the growth momentum. The recent policy measures...Are expected to improve economic outlook in India and revive the sentiments in the various sectors in which the company operates," it added.
With strong order book, the company expects to sustain its growth in the period ahead, L&T further said.
The engineering and construction (E&C) business registered 11 percent growth during the quarter with a net segment revenue of Rs 13,858 crore. It also received most of the orders for the company at Rs 17,818 crore during the quarter.
L&T's electrical and electronics business segment registered a growth rate of 7 percent with a net segment revenue of Rs 830 crore, while revenue from the machinery and industrial products business was lower at Rs 563 crore due to slowdown in the manufacturing sector, the company said.
Shares of the company were trading at Rs 1,597.95 apiece on the BSE during late afternoon trade, up 2.35 percent from previous close.