MUMBAI, July 28: Larsen & Toubro Ltd (L&T) has reported a lower net profit of Rs 72.05 crore (Rs 81.13 crore) in the first quarter of 1998-99 compared to the same period of the last year on account of higher incidence of interest and depreciation due to the commissioning of new cement plants.The sales and services for the quarter at Rs 1470.27 crore show an increase of 16 per cent over the corresponding period of Rs 1264.31 crore and earned a higher gross profit of Rs 145.18 crore (Rs 139.31 crore).L&T said considering the healthy order backlog, it would achieve good performance during 1998-99. The order booking for the first quarter of the current year at Rs 2,111 crore is higher by 37 per cent compared to the corresponding quarter of last year.
