Larsen and Toubro net profit up 40 per cent

Larsen and Toubro (L&T) has reported a 40 per cent surge in net profit for the quarter ended December 31, 2007 compared to the same period last year.

Engineering firm Larsen and Toubro (L&T) has reported a 40 per cent surge in net profit for the quarter ended December 31, 2007 compared to the same period last year.

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Net profit for the October-December quarter amounted to Rs 6.94 billion ($176 million) compared to Rs 5.16 billion ($130 million) during the corresponding period last year.

The growing demand from industrial, infrastructure and construction sectors and efficient execution of large orders have contributed to this robust growth, according to a company announcement.

The profit after tax (PAT) was recorded at Rs 4.82 billion for the third quarter of fiscal 2007-08, which was up by 40 per cent compared to the previous year.

The engineering and construction segment revenue was Rs 49.62 billion, an increase of 57 per cent over the same period the previous year.

The electrical and electronics business reported revenues of Rs 6.16 billion and posted a 28 per cent growth.

For the nine-month period ending December 31, 2007, the gross sales were of the value of around Rs 166 billion and PAT was Rs 12 billion -- up by 44 and 72 per cent respectively over the corresponding period the previous year.