L&T net profit rises 46% in Q1

Mumbai, July 29 (IANS) Larsen & Toubro (L&T) on Friday reported a 46 per cent rise in its consolidated net profit to Rs 610 crore in the quarter ended June 30, 2016, as compared to Rs 419 crore in the corresponding period last year.

Company’s consolidated gross revenue in the quarter stood at Rs 21,874 crore, up 9.1 percent on a y-o-y (year-on-year) basis, and the international revenue during the quarter at Rs 7,622 crore constituted 35 percent of the total revenue.

“The company successfully won fresh orders worth Rs 29,702 crore at consolidated level during the quarter ended June 30, 2016, registering an increase of 14 percent. The international orders at Rs 13,211 crore constituted 44 per cent of the total order inflow,” a company statement said.

Major orders during the quarter were secured by infrastructure and hydrocarbon segments, it said.

The company said consolidated order book of the group stood at Rs 2,57,427 crore as on June 30, higher by 8 percent on a y-o-y basis while its international order book constituted 29 per cent of the total order book.

Infrastructure segment achieved customer revenue of Rs 9,094 crore for the quarter, registering a y-o-y growth of 9 per cent while hydrocarbon segment recorded customer revenue of Rs 2,135 crore.

The infrastructure major said a pick-up in investment is crucial to sustain economic growth in the medium and long term.

“The investment climate in India is yet to gather pace, particularly in the private sector. High corporate debt levels, balance sheet challenges of banks, weak industrial and rural demand and sluggish exports are posing hurdles to the investment momentum,” a statement said.

The company also said that both central and state government -led push to capital expenditure holds the key to accelerate the growth engine.

–IANS

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