Business Daily from THE HINDU group of publications
Friday, Jul 20, 2007
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Business Daily from THE HINDU group of publications Friday, Jul 20, 2007 ePaper |
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Financial Performance Corporate Results - Diversified
Total income (net of excise) increased 33.8 per cent to Rs 4,716.68 crore (Rs 3,524.33 crore). The company reported a net gain of Rs 133.45 crore (Rs 40 crore loss) from exchange differences on foreign currency borrowings and deposits.
Our Bureau Mumbai, July 19 Engineering and construction major Larsen and Tourbo said it has more than doubled its first quarter net profit at Rs 376.85 crore, against Rs 157.13 crore for the same quarter a year ago. “Strong economic fundamentals, a fast growing capital goods sector, judicious selection and faster execution of orders – all these factors together contributed to the robust growth in revenue and profitability during the quarter,” a company statement said adding that the E&C segment reported a healthy growth in its order inflow during the quarter. Total income (net of excise) increased 33.8 per cent to Rs 4,716.68 crore for the quarter from Rs 3,524.33 crore logged for the same period in the previous year. The growth in net profit was also aided by an increase in other income at Rs 211.47 crore, against Rs 47.43 crore the previous year. The company reported a net gain of Rs 133.45 crore from exchange differences on foreign currency borrowings and deposits as against a loss of Rs 40 crore this time last year. This apart, the company recorded an increase of 117.6 per cent in operating profit for the quarter at Rs 634.52 crore as compared with Rs 291.47 crore registered in the same period last year. The raw material, sub-contract charges etc declined as a percentage of sales from 73 per cent last June to 71 per cent in the current quarter. The order inflow at Rs 8,218 crore for the quarter ended June 30, 2007 posted an increase of 30 per cent over the corresponding quarter of the previous year. The share of international orders booked during the quarter was 20 per cent of the segment’s total order inflow. The engineering and construction segment’s revenue for the quarter at Rs 3,492 crore registered an increase of 33 per cent compared with the same period of the previous year. The share of export revenue represented 15 per cent of the segment revenue. The segment had a healthy order book as on June 30, 2007 at Rs 39,690 crore, which represents a little over two years’ sales on an annualised basis. The other business segments namely electrical and electronics and standard electrical products and system too reported a robust growth in order inflow and sales, the company release said. The capacity expansion programmes of the company are on stream and expected to support its growth ambitions in the medium term. The earnings per share for the quarter stood at Rs 13.3 after the issue of bonus shares at a one for one basis in October 2006. The current market price capitalises annualised earnings at a multiple of roughly 45 times. L&T stock on the BSE closed at Rs 2,376.70, up 2.02 per cent over the previous close.
Related Stories: More Stories on : Financial Performance | Diversified | Larsen & Toubro Ltd
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