L&T net vaults over 200 per cent to Rs1,598 crore in Q1 2009-10
16 Jul 2009
Engineering and construction major Larsen & Toubro today reported an over 200 per cent jump in its first quarter (April-June 2009-10) net profit at Rs1,598.20 crore, against a net profit of Rs502.44 crore in the same quarter of the previous financial year.
Income for the quarter was booted by exceptional gains of Rs1,019.88 crore on sale of the company's long-term investment in Ultra Tech Cement, L&T said in a filing with the Bombay Stock Exchange.
During the quarter, the company recorded an exceptional gain of Rs1,020 crore on divestment of its entire stake in UltraTech Cement Limited.
Total income of the company rose to Rs7,408.29 crore from Rs6,941.87 crore in the same quarter of the previous year.
Revenues of the corresponding previous quarter included sales of Rs269 crore from ready mix concrete business, which the company subsequently divested during the second half of 2008-09. Excluding sales from RMC business, sales growth for the quarter ended 30 June 2009 works out to 11 per cent.
The company was able to bag fresh orders totaling Rs9,571 crore during the quarter despite the economic slow-down.