New Delhi: Engineering and construction major Larsen and Toubro (L&T) on Monday reported 42.4 percent rise in net profit at Rs 1,137 crore for the quarter ended September 30, 2012.

The company had posted a net profit of Rs 798 crore for the same period last year.

On the back of sharp rise in quarterly profit, shares of L&T settled higher by over 2 percent at 1,668.20 on the BSE.

"The company has been sustaining its growth momentum on the back of its strong and diversified business portfolio and increasing international presence. With its execution efficiencies and robust order book, the company is placed well to realise its near term targets and medium tern plans," L&T said in a statement.

Total income increased to Rs 13,524.62 crore for the quarter ended September 30, 2012, from Rs 11,564.25 crore for the quarter ended September 30, 2011, the statement said.

L&T recorded higher order inflow at Rs 20,967 crore, registering a growth of 30 percent year-on-year, it added.

The maximum orders were from some of the segments like building and factories and infrastructure.

"Order book stood healthy at Rs 1,58,528 crore as at September 30, 2012. International order book constituted 12 percent of the total order book," it added.

Commenting on the outlook, the company said in the statement, "The quarter has witnessed tight liquidity conditions and volatility in the currency markets. Inflation continuous to remain elevated exerting pressure on operating margins.

A few steps taken by the government recently underscore its commitment for accelerating the pace of economic development which provides positive signals for the prospects for the company."


Latest News from Business News Desk