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L&T net leaps 68% to Rs 71 cr

Calcutta, Oct. 31: Larsen & Toubro today reported a 68.39 per cent jump in net profits for the quarter ended September 30 on the back of a 30.22 per cent rise in revenue earnings.

The company posted a net profit of Rs 71.03 in the second quarter against Rs 42.18 crore in the corresponding period of last year. Sales grew by Rs 580 crore year-on-year to Rs 2,497.82 crore. Net profit for the first half was Rs 150.25 crore and net sales, Rs 4,633.6 crore. They represent a growth of 73 per cent and 20 per cent respectively.

The profit in the first half translates into a diluted earning per share (EPS) of Rs 4.90. The EPS for the second quarter was Rs 2.33. In the quarter ended September, L&T earned Rs 1,726.11 crore in gross revenues from its engineering and construction business and Rs 629.2 crore from its cement division.

Earnings from the engineering and construction business grew 44 per cent during the quarter compared with last year. L&T said cement prices continued to be subdued in the west and south. The company expects its engineering and construction business to turn in a 20 per cent higher income in the second half compared with the first six months of the year.

It said it had domestic order bookings of Rs 2,131 crore and Rs 1,082 crore from abroad. Revenues from the cement business too should improve in the second half, L&T said.

Second quarter revenues from the electronic business grew 26 per cent compared with last year. The segment turned in revenues of Rs 254 crore.

L&Tís shares closed 3.09 per cent (Rs 12.20) higher at Rs 406.55 on the National Stock Exchange (NSE) today. The bourseís key index, Nifty, gained 2.57 per cent.

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