L&T registers 47 pc y-o-y growth in gross sales

Mumbai, Oct 26 (UNI) Engineering and contsruction major Larsen&Toubro Limited ( L&T) has registered a year on year (y-o-y) growth of 47 per cent in gross sales and service revenue at Rs 5574 crore for the quarter ended September 30.

The share of revenue from international operations during the quarter constituted 17 per cent of the gross Revenue. Order inflow during the quarter at Rs 7547 crore grew by 26 per cent over the same period of the previous year signifying the Company's sustained leadership position in construction and turnkey projects and high end manufacturing business, a press release here said.

A strong impetus to the infrastructure sector supported by sizeable capital investment programs and a stable market share for Company's products have contributed to robust growth in sales and order inflow during the quarter, the release said.

Profit after Tax (PAT) at Rs 348 crore for the quarter ended September 30 registered a healthy growth of 73 per cent over the corresponding quarter of the previous year. Continued improvement in operational efficiencies and a judicious selection of orders with acceptable risk profile have enabled it to register an increase in the operating margins by 1.6 percentage point over the corresponding quarter of the previous year, the release said.

For the half year ended September 30, customer order inflow at Rs 17428 crore has increased by 30 per cent over the corresponding period of previous year. The gross sales at Rs 10,148 crore and Profit after Tax at Rs 725 crore also registered smart growth by 38 per cent and 102 per cent respectively, over the corresponding period of the previous year.

The fundamentals in the economy continue to support the strong growth trajectory of the capital goods sector with robust investments in infrastructure, power, hydrocarbon and minerals and metal sectors, the release added.

On the back of strong oil prices, the Middle East region is expected to further ramp up investment in oil and gas production and distribution facilities. Given the favourable investment climate, the Company is expected to benefit from the order flows from these sectors. With a healthy order book, the Company is confident of sustaining the growth momentum both in terms of revenue and profitability in the near to medium term, the release added.

UNI