Strong order book helps L&T net profit up 13%, beats forecast

L&T reported a net profit of Rs 1,122 crore for the third quarter compared with Rs 992 crore a year earlier.

hidden January 24, 2013 14:46:57 IST
Strong order book helps L&T net profit up 13%, beats forecast

Mumbai: Construction and engineering company Larsen & Toubro (L&T) , reported a 13 percent increase in net profit for the October-December quarter helped by strong order wins, beating forecast.

L&T reported a net profit of Rs 1,122 crore for the third quarter compared with Rs 992 crore a year earlier. Sales rose 10 percent to Rs 15,429 crore.

Strong order book helps LT net profit up 13 beats forecast

Larsen and Toubro, chief financial officer R Shankar Raman. Reuters

Analysts expected the company to report a net profit of Rs 1,079 crore on sales of Rs 16,096 crore, according to Thomson Reuters.

At 1:55 pm, shares in L&T, valued by the market at about $17.8 billion, were up 1.6 percent at Rs 1,586 in a negative Mumbai market.

The firm is seeing early signs of a government push on infrastructure spending, chief financial officer R. Shankar Raman said on Thursday.

Big ticket energy and infrastructure projects in India have been stalled by a slow approval process, inadequate capital and low availability of fuel for power projects.

Reuters

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