L&T profit zooms on order power
Engineering and construction major Larsen & Toubro on Monday reported a 32 per cent jump in net profit for the second quarter of the current fiscal year at Rs765 crore.business Updated: Oct 18, 2010 21:53 IST
Engineering and construction major Larsen & Toubro on Monday reported a 32 per cent jump in net profit for the second quarter of the current fiscal year at Rs765 crore.
Sales increased 18 per cent during the July-September quarter at RsS9,342 crore and the company's order inflow grew by 11 per cent to Rs20,464 crore.
The company's total expenditure for the second quarter stood at Rs Rs750 crore.
L&T was targeting 20 per cent annual growth, said YM Deosthalee, director and chief financial officer. "We are expecting inflows from some orders in the second half of the current fiscal. This would help us achieve 20 per cent yoy growth."
The slowdown in West Asia has affected the company's revenue from exports, he said.
L&T said it has sold 2.4 per cent stake in Mahindra Satyam in the second quarter. The amount was included in the inflows. "We'll sell the remaining stake (2 per cent) at the appropriate time," Deosthalee said.