The leading Engineering conglomerate Larsen & Toubro Ltd has declared its financial results for the June quarter of the fiscal year 2010-11. There has been a huge drop in the net profit of the company in the quarter under review.

The company has posted a net profit of 6.66 billion rupees during the April-June period of fiscal year 2010 which was reported to be 15.98 billion rupees for the similar quarter in the previous fiscal year 2009-10. Hence there has been a decline of almost 58% in the net profit figure this time against last year's profit record.

The company officials have informed that last year the firm had gained a huge profit from its UltraTech Cement. There was a gain of around10.20 billion rupees from the sale of its investment in UltraTech Cement for the company which was also included in the net profit figure. That was the major part of the profit record for the firm in the financial year 2009-10.

They have also said that, if that gain will be excluded then the firm has posted a net profit rise of 15%in the June quarter of the fiscal year 2010 against a year ago period.