Engineering and construction major Larsen & Toubro Ltd has reported a more than two fold increase in net profit for the third quarter, due largely to the sale of its ready mix concreted unit to French major Lafarge for Rs1,480 crore.
The company's third-quarter stand-alone net profit, including one-time gain on account of the sale of RMC unit, stood at Rs1,520.44 crore or Rs25.80 per share, which increased more than two-fold over the same period in 2007. The figures for 2007 stood at Rs481.79 crore or Rs8.11 per share.
The company said the results included gain or Rs916.33 crore on account of sale of RMC unit. Excluding this gain, it reported a net profit for the quarter of Rs604.11 crore, 25 per cent up over the corresponding period in the previous year.
Net revenue for the quarter increased 35 per cent to Rs8,593.96 crore from Rs6,387.99 crore in the prior year quarter, while other operating income amounted to Rs21.63 crore, compared with Rs5.31 crore in the previous year quarter.
Total revenue during the quarter registered an increase of 35 per cent at Rs8,699.51 crore, up over Rs6,461.80 crore in the previous year corresponding quarter.
The company reported fresh orders worth Rs14,620 crore, against Rs13,019 crore achieved during the same quarter in 2007. This reflects a year-on-year growth of 13 per cent, despite difficult market conditions and general slowdown in domestic infrastructure spend.
For the first nine months, the company's stand-alone net profit, including one-time gain, rose 106 per cent to Rs2,483.14 core from Rs1,206.66 crore in the first nine months of 2007. Excluding the gain, L&T's net profit grew 30 per cent to Rs1,566.81 crore over the corresponding period in 2007.
Net revenue during the period rose 41 per cent to Rs23,177.59 crore from Rs16,387.83 crore for the corresponding period las year. Operating income totaled Rs30.44 crore as against Rs7.97 crore for corresponding period last year.
Total revenue during April-December 2008 increased 41 per cent to Rs23,468.48 crore from Rs16,609.93 crore in the prior year quarter.
At the BSE, L&T shares closed at Rs689.20 up Rs28.90 or 4.38 per cent on volume of 19.10 lakh shares.