Financial Daily from THE HINDU group of publications
Friday, Jan 20, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 20, 2006 |
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Financial Performance Corporate Results - Engineering L&T net soars 96 pc in Q3 — Increased orders; sale of glass, dairy equipment biz Our Bureau
Mumbai , Jan. 19 LARSEN & Toubro has reported a 96 per cent increase in net profit for the third quarter of the current fiscal. This was achieved due to revenues from increased orders from the year-ago quarter, and was helped along by a one-time gain from the sale of its glass and dairy equipment businesses. Net profit for the quarter amounted to Rs 259.27 crore against Rs 132.35 crore for the corresponding year-ago quarter. Excluding extraordinary items and gain on divestments, the company's net profit for the quarter would have been Rs 187.18 crore against Rs 132.35 crore, the growth being 41 per cent. Net revenues from operations, at Rs 3,666 crore, (Rs 3,229 crore) grew by 13.5 per cent. International revenues constituted 19 per cent of total sales, a statement from the company said. Other operational income at Rs 24.62 crore (Rs 19.39 crore) and other income at Rs 87.34 crore (Rs 60.52 crore), brought the "total other income" to Rs 111 crore against Rs 79.91 crore. Total expenditure rose by 12.6 per cent, to Rs 3,444 crore (Rs 3,059 crore). Interest costs amounted to Rs 22.49 crore (Rs 14.03 crore), while depreciation and amortisation accounted for Rs 26.63 crore (Rs 21.54 crore). Profit before tax and before extraordinary items was recorded at Rs 289.6 crore (Rs 187.03 crore). Provision for current tax stood at Rs 50.62 crore (Rs 56.18 crore). Provision for fringe benefits tax accounted for Rs 5.07 crore. During the third quarter of this fiscal, the company said its order bookings grew by 108 per cent, with contracts secured amounting to Rs 7,397 crore. During April-December 2005, order bookings at Rs 16,211 crore were higher by 80 per cent against the corresponding period of 2004. Revenues for the three quarters at Rs 10,211 crore were higher by 14 per cent. Given the high prices of oil in West Asiathe Middle East and adjoining countries, the company expects an order book growth of about 50 per cent on the back of growth momentum witnessed in the hydrocarbon, infrastructure and core sector industries, its statement said. L&T gained by 3.13 per cent on BSE during the day. It rose by Rs 57.75 to close at Rs 1,900 per share.
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