L&T registers 140 percent increase in Q1 profit

By India Abroad News Service   |   Friday, 20 July 2007, 07:00 Hrs
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Mumbai: Engineering and construction major Larsen & Toubro Ltd (L&T) Thursday registered a robust profit of 3.77 billion for the first quarter (April-June) of 2007-08, a whopping 140 percent increase from the corresponding period last fiscal.

The company has produced an impressive performance registering a year-on-year growth of 30 percent in gross sales and service revenue from operations at 45.74 billion for the quarter ended June 30.

It also announced its intention to float a joint venture for turbines in collaboration with Mitsubishi.

"We may float a joint venture with Mitsubishi to make turbines for the power sector," said Y.M. Deosthalee, chief financial officer and member of board, L&T, told a press conference here.

However, he did not reveal anything about revenues accrued from the defence sector, despite specific queries by IANS.

"We do not give out separate figures for the defence sector. It comes under engineering," he said.

The share of revenue from international operations constituted 15 percent of the gross revenue.

Order inflow during the quarter at 98.81 billion grew by 32 percent over the same period of the previous fiscal, reflecting the growing confidence of the customers on the company's superior project execution capabilities and quality of its products.

The profit after tax, excluding gains from exchange differences on foreign currency denominated borrowings and deposits, grew by 57 percent for the quarter ended June 30.

Earnings before depreciation interest and tax (EBDIT) for the quarter stood at 6.35 billion, registering 105 percent growth over the corresponding quarter of the previous year.

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