Larsen & Toubro Ltd., India's largest engineering and construction conglomerate, announced financial results for the fourth-quarter, reporting a higher standalone net profit on an increase in revenue.
Standalone Results
The Mumbai-based company posted fourth-quarter standalone net profit of Rs.998.52 crore, 3% higher than Rs.966.76 crore in the fourth-quarter of 2008. On a per share basis, earnings for the quarter were Rs.17.04, up 5% from Rs.16.22 in the corresponding quarter last year.
The company stated that the results for the quarter included a one-time gain of Rs.42.41 crore towards sale of its Ready Mix Concrete business and a one-time charge of Rs.186.28 crore towards provision made in respect of investment in Satyam Computer Services held by the company as well as its wholly owned subsidiary L&T Capital Company Ltd. During the previous year quarter, the company recorded an exceptional gain of Rs.87.23 crore on divestment one of its subsidiary. Excluding the gain/charge, the company's net profit for the quarter amounted to Rs.1,142.39 crore, up 28% over the previous year quarter, the company said.
Net revenue for the quarter increased 24% to Rs.10,468.98 crore from Rs.8,466.87 crore in the year-ago quarter, while other operating income totaled Rs.135.18 crore, rose 52% from Rs.88.72 crore in the corresponding quarter last year.
During the quarter, revenue from Engineering and Construction segment increased 38% to Rs.9,437.35 crore from Rs.6,824.87 crore in the prior year quarter, while revenue from Electrical and Electronics segment fell 6% to Rs.790.02 crore from Rs.843.35 crore in the fourth-quarter of 2008.
Revenue from Machinery and Industrial Products during the quarter amounted to Rs.620.60 crore, down 23% from Rs.809.09 crore in the previous year quarter, whereas revenue from others was Rs.132.56 crore, compared with Rs.401.75 crore in Q4FY08.
Gross revenue for the quarter totaled Rs.10,576.56 crore, up 23% from Rs.8,577.55 crore in the corresponding quarter last year.
For the fiscal year, the company's standalone net profit increased 40% to Rs.3,481.66 crore from Rs.2,173.42 crore in 2008.
Excluding extraordinary and exceptional items, the company's standalone net profit for the fiscal year was Rs.2,709.20 crore, up 29% over the previous year, the company said.
For the twelve-month period, net revenue and other operating income amounted to Rs.33,926.37 crore, up 36% from Rs.25,009.43 crore last year.
For the full year, gross revenue amounted to Rs.34,045.04 crore, up 35% from Rs.25,187.48 crore in the preceding year.
Consolidated Results
L&T reported fiscal year consolidated net profit of Rs.3,789.46 crore, up 63% from Rs.2,325.36 crore in 2008.
Excluding extraordinary and exceptional items, the company's consolidated net profit for the fiscal year was Rs.3,007 crore, posting a year-on-year growth of 30%, the company said.
Net revenue and other operating income during the year grew 37% to Rs.40,479.87 crore from Rs.29,458.85 crore in 2008
For the fiscal year, gross revenue grew 37% to Rs. 40,607.87 crore from Rs.29,581.11 crore a year-ago.
The company said its board has recommended a final dividend of Rs.10.50 per equity share of Rs.2 each for the fiscal year 2009.
L&T said despite the slowdown witnessed in the Indian Capital Goods and infrastructure sectors during the later part of the year, it was able to bag fresh orders totaling to Rs.51,621 crore, reflecting a growth of 23% over the previous year.
At the BSE, L&T shares are currently trading at Rs.1,342.00 , up by Rs.30.60 or 2.33% on a volume of 11.27 lakh shares. The stock hit an intraday high of Rs.1,373.70 and a low of Rs.1,309.60.
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