Larsen & Toubro Ltd has posted a 86.46 per cent rise in net profit at Rs 83.2 crore (Rs 832 million) for the first quarter ended June 30, 2003, compared to Rs 44.62 crore (Rs 446.2 million) reported in the same period of previous fiscal.
Total income (net of excise) in the period under review has increased to Rs 2,221.17 crore (Rs 22.21 billion) as against Rs 1,993.72 crore (Rs 19.94 billion) recorded in Q1 of last year, L&T said in a release in Mumbai on Thursday.
The engineering and construction segment secured orders aggregating Rs 1,823 crore (Rs 1,222 crore in Q1 of FY-03) in the domestic market. The segment's export thrust also received a boost with an order booking of Rs 183 crore (Rs 114 crore).
The board on June 17, 2003, had decided to demerge the cement business (excluding the ready mix concrete business) with effect from April 1, 2003.
The cement business recorded revenues of Rs 726 crore (Rs 7.26 billion), registering an increase of 5.8 per cent. During the quarter, cement prices showed some signs of firming up in Southern/Eastern markets but remained weak in the west, where the segment is a major player.
L&T said electrical and electronics segment's revenues grew by 23 per cent to Rs 202 crore (Rs 2.02 billion). Sales of switchgear products saw a growth from new products introduced in recent market.
With a strong order backlog, the company expects a rise of over 15 per cent in E&C revenues for the year.
