L&T profit jumps 215 percent

Friday, 30 January 2009, 09:57 Hrs
Printer Print Email Email
New Delhi: Construction and engineering giant Larsen and Toubro (L&T) posted a 215.5 percent jump in its quarterly profit, primarily riding on the income from the sale of its ready-mix concrete (RMC) business.

The company filed a net profit of 15.2 billion (1,520.44 crore/$338.75 million) for the third quarter of 2008-09, as against 4.81 billion during the same period last fiscal.

The company had sold the RMC business to French major Lafarge for 14.8 billion ($328.9 million) last May.

The 70-year-old company, which has interests in electrical equipment and machinery and industrial products apart from its core business, posted a 34.6 percent growth in net income, with sales rising from 63.82 billion in the third quarter of 2007-08 to 86.99 billion in the quarter under review.

In the segmented results posted by the company, only its engineering and construction business managed to remain profitable with 39.84 percent growth in its profit before tax, while the electrical and industrial products business suffered a 29.41 percent and 42.73 percent slump in profit.
Source: IANS
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..