L&T Q1 net falls more than 12 percent

Enginnering giant Larsen & Toubro (L&T) Monday reported a 12.5 percent year-on-year fall in net profit at Rs.756 crore for the first quarter ended June 30, on account of job mix, lower margin accruals and lower other income.

The company toted a profit of Rs.864 crore in the corresponding quarter a year ago.

“The company’s power segment achieved customer revenue of Rs.1,275 crore for the quarter ended June 30, 2013, registering a year-on-year decline of 44 percent due to lower order book,??? L&T said in a statement.

Net sales at Rs.12,555 crore grew five percent over the same quarter of the previous fiscal.

“The Company successfully garnered fresh orders worth Rs.25,159 crore during the quarter April-June 2013, recording a healthy y-o-y growth of 28 percent,” L&T said.

“International order inflow at Rs.3,617 crore grew 2.28 times and constituted 14 percent of the total order inflow for the quarter April-June 2013,” the statement added.