L&T Q1 Net Profit Results Up By 218%
Larsen & Toubro, India's largest engineering and construction major, on Thursday reported a 218% increase in net profits for the quarter ended June 30. This increase of profit for L&T came mainly through the sale of its long term investment in Ultra Tech Cement.
The company said its net profit tripled to Rs.1,598.2 crore for the first quarter of this fiscal from Rs.502.44 crore of Q1 2008-09 net profit. The net profit includes Rs.1,019.88 crore it made by selling its stake in Ultra Tech.
Its total income rose 7% to Rs.7,3632.71 crore during the quarter from Rs.6,901.43 crore in the same quarter the previous year.
The company, but, said that its order inflows during the quarter under review fell 22% from a year earlier because of the overall economic slowdown, especially in the overseas markets.
L&T's shares opened higher on the Bombay Stock Exchange (BSE) at Rs.1,455, as against the previous close at Rs.1,430.15, and moved higher to Rs.1,474.80. But the scrip subsequently fell and was ruling with a loss of 2.91% at Rs.1,385.5.