L&T net profit rises 32 pc in Q2, eyes 25 pc growth

Engineering and construction major Larsen and Toubro today said it has reported 32 per cent rise in its net profit to Rs 765 crore for the second quarter ended September 30 and expects 25 per cent growth in FY 11.

Engineering and construction major Larsen and Toubro on Tuesday said it has reported 32 per cent rise in its net profit to Rs 765 crore for the second quarter ended September 30 and expects 25 per cent growth in FY 11.

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The company had posted a profit of about Rs 580 crore during the same quarter in 2009-10.

"We expect 25 per cent growth in the current financial year. The order book stood at Rs 20,464 crore in the July-September quarter 2010, while overall order book was at Rs 1,15,393 crore till September 30," L&T CFO Y M Deosthalee told reporters here.

On the back of a 63 per cent growth in order inflow recorded by the company in the quarter ended June 30, 2010, the company has registered a growth of 11 per cent in the quarter ended September 30, 2010 over the same period of the previous year. This translates into a cumulative growth of 29 per cent in order inflow during the first half of the current year, Deosthalee said.

"Our power sector orders stands at 37 per cent of our total order book of Rs 1,15,000 crore. We hope that share of power sector will go up to 40 per cent of our total order book by FY 11," Deosthalee said.