By IANS
Mumbai : Engineering firm Larsen and Toubro (L&T) has reported a 40 percent surge in net profit for the quarter ended Dec 31, 2007 compared to the same period last year.
Net profit for the Oct-Dec quarter amounted to Rs.6.94 billion ($176 million) compared to Rs.5.16 billion ($130 million) during the corresponding period last year.
The growing demand from industrial, infrastructure and construction sectors and efficient execution of large orders have contributed to this robust growth, according to a company announcement.
The profit after tax (PAT) was recorded at Rs.4.82 billion for the third quarter of fiscal 2007-08, which was up by 40 percent compared to the previous year.
The engineering and construction segment revenue was Rs.49.62 billion, an increase of 57 percent over the same period the previous year.
The electrical and electronics business reported revenues of Rs.6.16 billion and posted a 28 percent growth.
The machinery and industrial product segment achieved revenue of Rs.59 billion in the third quarter, recording an increase of 45 percent over the same period the previous year.
For the nine-month period ending Dec 31, 2007, the gross sales were of the value of around Rs.166 billion and PAT was Rs.12 billion — up by 44 and 72 percent respectively over the corresponding period the previous year.