Financial Daily from THE HINDU group of publications
Sunday, Aug 01, 2004
Financial Daily from THE HINDU group of publications Sunday, Aug 01, 2004 |
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Corporate Results
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Engineering Larsen & Toubro Q1 net up 26 pc
MUMBAI: Larsen & Toubro has announced a 26 per cent increase in net profit, year-on-year, for the first quarter ended June 30, 2004. Net profit for the quarter amounted to Rs 80.13 crore compared to Rs 63.53 crore during the corresponding quarter last year. The figures for the quarter have been recast to exclude the financials of the cement division which was demerged from the company with effect from April 1, 2003, said a news release from the company. Net sales rose 64.6 per cent, to Rs 2,639.73 crore (Rs 1,603.44 crore). Total expenditure amounted to Rs 2,556 crore (Rs 1,565 crore); interest amounted to Rs 9.92 crore (Rs 8.91 crore); while depreciation and amortisation stood at Rs 20.74 crore (Rs 21.40 crore). Profit before tax at Rs 116 crore (Rs 90.34 crore) showed a 28 per cent increase. The engineering and construction (E&C) segment, which accounted for revenues of Rs 2,277 crore amounting to 84 per cent of the company's revenues, registered a growth of 74 per cent. The subsequent quarters are expected to register much lower increases, the release said. The electricals and electronics business reported revenues of Rs 251 crore and posted a 24 per cent growth. The segment's operating margin for the quarter, at 10.7 per cent was higher than that (8.6 per cent) of the previous year-ago quarter. L&T expects overall sales growth of over 25 per cent for the current year.
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