Engineering major Larsen & Toubro (L&T) has reported a 29.5 per cent increase in net profit at Rs 3,025 crore for the quarter ended March 31, 2017 as against a net profit of Rs 2,335 crore in the corresponding quarter of the previous year. The board of the company also proposed a bonus issue in the ratio of one for two (one bonus share for every two shares held) and a dividend of Rs 21 per share.
Its total income from operations for the January-March stood at Rs 36,828 crore as against Rs 32,875 crore in Q4 of FY17, registering a growth of 12.02 per cent. L&T Executive Chairman AM Naik said, “the times are very challenging but we continue to feel the prospects are good if the initiatives taken by the government are well implemented.”
“Overall the performance was satisfactory despite the headwinds and the challenging environment in which we operate. But we hope to see some turnaround in the current fiscal and we are expecting around 12 per cent increase in revenues and 12-14 per cent increase in order inflows in FY18,” L&T Group CFO R Shankar Raman said.
For the fiscal, L&T’s revenues grew by 7.88 per cent to Rs 110,011 crore against Rs 101,975 crore in FY16, while its profit rose 43 per cent to Rs 6,041 crore.
The company won fresh orders worth Rs 142,995 crore at the group level during the year in the face of a challenging business environment. International orders contributed nearly 29 per cent at Rs 41,507 crore of the total order inflow, he said.
For FY18, L&T expects orders coming in from hydrocarbons, power, defence and infrastructure segments, exports of heavy machinery, among others.