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Mumbai: Boosted by an exceptional gain, engineering and construction major Larsen & Toubro Limited posted a 218% rise in its net profit for the quarter ended June 30, 2009. The company reported a net profit of Rs 1,598 crore for the quarter—against Rs 502 crore a year ago—but the figure included Rs 1,020 crore it received on divesting its entire stake in Ultratech Cement Ltd. Excluding this gain, L&T’s net profit would be Rs 578 crore, an increase of 13% year-on-year.
The company has reported gross sales revenues of Rs 7,431 crore for the quarter. The corresponding quarter of the previous year had sales of Rs 269 crore from ready-mix concrete (RMC) business, which was subsequently divested during the second half of 2008-09. Total income stood higher at
Rs 76,310.50 crore against Rs 71,032.60 crore in April-June 2008.
The L&T stock was down 3.65% on the Bombay Stock Exchange on Thursday, closing at Rs 1,378.00, a loss of Rs 52.15 from the previous day.
R Shankar Raman, executive vice-president-finance, said, L&T has charted out long-term investment plans of Rs 12,500 crore for the next three-to-four years. “In the following quarter, L&T is planning to venture into development of oil wells in and near shores.” Besides, L&T is expecting major orders from ONGC, which plans to redevelop 14 oil wells.
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