Larsen & Toubro (L&T), the diversified engineering conglomerate, has reported a net profit of Rs 482 crore during the third quarter ended December, a 40 per cent increase over the same period last year.
The company's board met in Dubai on Monday, its first such meeting in 75 years of existence, as it symbolically announced its move to bet on big deals in West Asia, where construction is zooming on the back of high oil prices. During the quarter, the company’s revenues were up by 54 per cent at Rs 6,462 crore over the same period of the previous year.
“L&T expects the share of its overseas business to rise to 30 percent from 20 per cent in the next five years,” YM Deosthalee, L&T's chief financial officer, told Hindustan Times in a telephonic interview from Dubai. "We have a strong Rs 50,000 crore order-book position and 14 per cent of it comes from overseas. The West Asian market accounts for a major portion of this," Deosthalee added.
Recently, L&T won a Rs-1695 crore order to manufacture and supply 22 reactors for Kuwait National Petroleum Company. “West Asia's petrochemical sector is set to witness an investment of close to $35 to 40 billion in the next few years. We may be bidding for many of them as we are qualified to execute such larger projects,” a L&T official said.
{{/usCountry}}Recently, L&T won a Rs-1695 crore order to manufacture and supply 22 reactors for Kuwait National Petroleum Company. “West Asia's petrochemical sector is set to witness an investment of close to $35 to 40 billion in the next few years. We may be bidding for many of them as we are qualified to execute such larger projects,” a L&T official said.
{{/usCountry}}The engineering and construction division, which contributes for more than two-third of the company’s revenue, has an order-book position of Rs 11,462 crore.