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L&T net zooms in first quarter

Mumbai, July 31: Engineering major Larsen & Toubro Ltd (L&T) has posted a 86.46 per cent rise in net profit at Rs 83.2 crore for the first quarter ended June 30, this year, compared with Rs 44.62 crore reported in the same period last fiscal.

Other income of the company was up 61 per cent at Rs 71.46 crore as against Rs 44.32 crore in the corresponding period last year. Net sales during the period under review firmed up to Rs 2,135.78 crore, up around 10 per cent from 1,945.81 crore while gross sales were at Rs 2,275.13 crore (Rs 2,062.52 crore).

Total income (net of excise) during the period under review has increased to Rs 2,221.17 crore as against Rs 1,993.72 crore in the first quarter of last year, L&T said in a release here today.

The engineering and construction segment secured orders aggregating Rs 1,823 crore (Rs 1,222 crore) in the domestic market. This segment’s export thrust also received a boost with an order booking of Rs 183 crore (Rs 114 crore).

The board on June 17 had decided to demerge the cement business (excluding the ready mix concrete business) with effect from April 1 this year. The cement business recorded revenues of Rs 726 crore. During the quarter, cement prices showed some signs of firming up in the southern and eastern markets but remained weak in the west.

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