Larsen & Toubro Q1 Net up 16 Percent at 
864 Crore
New Delhi: Country's top construction and engineering company, Larsen & Toubro reported a forecast-meeting 15.8 percent rise in quarterly net profit on orders from the infrastructure and power sectors.
The Mumbai-based engineering conglomerate said net profit rose to 
864 crore ($156.48 million) during the first fiscal quarter ended June from 746 crore a year earlier.
Sales for the June quarter rose 26 per cent to Rs 11,956 crore, it said. At 1:57 PM, shares in Larsen & Tourbo were trading at Rs 1351.00, down 2.81 per cent.
The deal with Larsen and Toubro comes nearly a year after L&T complained to the defence ministry, alleging foul play in the selection of Pipavav Defence as the sole joint venture partner, forcing the government to put the joint venture on hold.
According to the new joint venture signed, Mazagon will partner L&T to manufacture submarines for the navy while the venture with Pipavav will make frigates, destroyers and aircraft carriers.
"Mazagon will now look to execute much of the existing orders through these joint ventures," a senior official at Mazagon said on condition of anonymity. L&T Shipbuilding was not available for a comment.
India, which currently imports more than 75 percent of its naval defence requirement, had earlier made elaborate plans to step up the production of equipment and the defence ministry then allowed partnership with private companies for the manufacturing process.
(with agency inputs)
864 crore ($156.48 million) during the first fiscal quarter ended June from 746 crore a year earlier.
Sales for the June quarter rose 26 per cent to Rs 11,956 crore, it said. At 1:57 PM, shares in Larsen & Tourbo were trading at Rs 1351.00, down 2.81 per cent.
The deal with Larsen and Toubro comes nearly a year after L&T complained to the defence ministry, alleging foul play in the selection of Pipavav Defence as the sole joint venture partner, forcing the government to put the joint venture on hold.
According to the new joint venture signed, Mazagon will partner L&T to manufacture submarines for the navy while the venture with Pipavav will make frigates, destroyers and aircraft carriers.
"Mazagon will now look to execute much of the existing orders through these joint ventures," a senior official at Mazagon said on condition of anonymity. L&T Shipbuilding was not available for a comment.
India, which currently imports more than 75 percent of its naval defence requirement, had earlier made elaborate plans to step up the production of equipment and the defence ministry then allowed partnership with private companies for the manufacturing process.
(with agency inputs)
