Larsen & Toubro (L&T) today reported a 69 per cent increase in standalone net profit to Rs 2,723.48 crore in the quarter ended March 31 on the back of steep gains in revenue from its infrastructure and heavy engineering business.
The company reported a profit of Rs 1,609.91 crore in the corresponding quarter a year ago, L&T said in a BSE filing.
Net sales in the quarter increased to Rs 20,079.10 crore from Rs 18,075.60 crore, the company said. Total expenses rose 7.7 per cent to Rs 17,391.97 crore.
The results for the quarter and year ended March 31 exclude the performance of the hydrocarbon business segment, which was transferred with effect from April 1, 2013, to L&T Hydrocarbon Engineering Ltd, a wholly owned subsidiary of the company, upon the sanction by the Bombay High Court.
"Consequently, the performance of the corresponding previous quarter and year ended March 31, 2013, has been suitably restated," the company said.
The development agenda of the new government is expected to remove the bottlenecks presently stifling growth and create an enabling business environment, L&T said in a statement.
Core sectors, including infrastructure and power, which hold business prospects for the company, await fresh impetus through focused policy decisions and rigorous implementation. it said.
"Being well positioned to tap the emerging opportunities in its core business, the company looks forward to a period of renewed investment momentum and sustainable growth," it said.
Customer revenue in the heavy engineering segment increased 47 per cent to Rs 1,348 crore in the quarter from a year earlier, L&T said.
Revenue in the infrastructure segment was Rs 13,260 crore, recording an increase of 17 per cent, the company said.
Given its large order book, L&T said it is optimistic about maintaining its growth momentum in the medium term as the domestic and global economic environment improves.
The order book was at Rs 1,62,952 crore as of March 31, an increase of 13 per cent from a year earlier, it said. Orders from overseas accounted for about 21 per cent of the total.
L&T said the Middle East region offers prospects in infrastructure and oil and gas sectors. To tackle the challenges surrounding such opportunities, the company is building its international organisation, which aims to replicate the domestic success story in the Middle East.
"Robust risk management practices, sound execution