The Hindu Business Line : L&T Q1 net profit rises to Rs 143 cr

LARSEN & Toubro Ltd (L&T) posted a net profit of Rs 142.97 crore for the quarter ended June 30, 2005, which included a one-time profit of Rs 38.18 crore on the sale of its dairy and milk processing equipment business. The net profit, minus this extraordinary input, stood at Rs 104.79 crore, up over 30 per cent from Rs 80.13 crore posted in the same period last year.

This came on the back of a 17 per cent rise in gross sales at Rs 3,155 crore during the period, up from Rs 2,688.58 crore in the corresponding previous quarter.

Net sales stood at Rs 3,111.08 crore (Rs 2,639.73 crore).

Its core activity, engineering and construction (E&C), recorded a revenue of Rs 2,629 crore, a 15 per cent rise over the previous first quarter, while exports stood at Rs 510 crore. The company has an order backlog of Rs 17,814 crore as on June 30, 2005.

The E&C segment booked fresh orders worth Rs 3,154 crore during the quarter — a 45 per cent increase over the previous year.

Of this, export orders alone were worth Rs 814 crore, including the construction of a cricket stadium at Kensington Oval, West Indies, for World Cup Barbados Inc at a cost of Rs 201 crore.

Major domestic orders during the period included the Rs 360-crore construction of a six-lane flyover on NH-1 and the Rs 278-crore East-West corridor project on NH-76 between Kota and MP border, both for the National Highway Authority of India.

The company allotted 19.25 lakh shares of Rs 2 each under the employee stock option scheme.

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