Larsen & Toubro Ltd., India's largest engineering and construction conglomerate, reported a higher net profit for the second-quarter, on increased income and healthy order in-take.
The Mumbai-based company posted a second-quarter net profit of Rs.1,137.31 crore or Rs.18.39 per share, compared with Rs.798.39 crore or Rs.12.94 per share in the first-quarter of 2012, registering a 42 percent growth.
The company said recurring profit after tax for the quarter stood at Rs.915 crore, recording an increase of 15 percent over the corresponding quarter of the preceding year.
Results for the preceding year quarter under review included a one-time gain of Rs.214.29 crore on account of gain on divestment of stake in a subsidiary company.
Net income for the quarter increased by 17 percent to Rs.13,195.23 crore from the Rs.11,244.16 crore in the prior year quarter, while other income amounted to Rs.329.39 crore, compared with Rs.320.09 crore in the previous year quarter.
During the quarter, income from 'Engineering & Construction' segment rose by 19 percent to Rs.11,669.06 crore from Rs.9,794.10 crore in the year-ago quarter, while that of 'Electrical & Electronics' rose by four percent to Rs.880.33 crore from Rs.847.79 crore in the previous year quarter.
Income from 'Machinery & Industrial Products' amounted to Rs.550.79 crore, compared with Rs.603.74 crore in the second-quarter of 2012, registering a nine percent drop. income from 'Others' totaled Rs.332.00 crore, compared with Rs.222.11 crore in the corresponding quarter last year.
Gross income during the quarter totaled Rs.13,327.53 crore, up by 17 percent from the Rs.11,373.91 crore in the preceding year quarter. International sales during the quarter constituted 21 percent of the total income, the company said.
During the quarter, the company secured fresh orders totaling Rs.20,967 crore, an impressive year-over-year growth of 30 percent. Its order book as at September 30 stood at Rs.158,528 crore, of which 12 percent constitute international orders.
For the six months, L&T's stand-alone net profit was 30 percent higher than the Rs.2,000.96 core, compared with Rs.1,544.54 crore in the corresponding period last year.
Net income during the period grew by 21 percent to Rs.25,150.58 crore from Rs.20,726.26 crore for the comparable period last year, while other income totaled Rs.935.23 crore, compared with Rs.589.78 crore for Apr-Sept 2011 period.
Gross income during the six-month period rose by 21 percent to Rs.25,405.88 crore from the Rs.20,951.78 crore for the comparable period of the preceding year.
L&T shares are currently trading at Rs.1,667.90, up Rs.35.20 or 2.16 percent on a volume of around 548,000 shares on the BSE.
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