L&T Q2 profits up 26% at Rs580 crore
Engineering and construction major Larsen and Toubro (L&T), has reported a 26% rise in profit at Rs580.40 crore in the second quarter, supported by a one-time gain from sale of its ready mix concrete (RMC) business and stake sale in a paper manufacturing joint venture.
Income rose 2.5% to Rs 7,918.84crore despite substantial drop in revenue from electrical and electronics, and machinery and industrial products divisions.The company, which has an order backlog of Rs81,623 crore, has raised its guidance for order inflows this financial year, as construction business picks up in the country.
It expects new orders to increase more than 30%, up from its earlier forecast of 25%, but said revenue growth may slow to 15% from the earlier estimate of 15-20%. According to company sources, the subdued growth was on the back of delay in clearances for infrastructure projects and lower offtake of industrial products and machinery.