L&T reports 14% decline in quarterly net profit

L&T reports 14% decline in quarterly net profitLarsen & Toubro (L&T) on Friday reported a year-on-year decline of 14 per cent in net profit for the July-September quarter, as the domestic economic conditions continued to be challenging.

L&T said its net profit in the three months ended September 30 this year dropped to Rs 977.5 crore, from Rs 1137.31 crore in the corresponding period of last year.

The company, however, enjoyed 10 per cent increase in gross revenue to Rs 14,648 crore in the quarter under review.

Mumbai-based L&T is now making efforts to bag more orders in foreign markets to offset decline in its annual revenue growth due to weak domestic economy.

R Shankar Raman, Chief Financial Officer at L&T, said, "The domestic market continues to be challenging. At the moment, investment momentum in the Middle East is pretty strong, so our attention has rightly been focused there."

The engineering & construction giant's order book stood at Rs 176,036 crore as on September 30 this year, representing an increase of 11 per cent year-on-year.

L&T shares closed Friday's trading on the Bombay Stock Exchange (BSE) at Rs 872.35 apiece, up 4.19 per cent from the previous close.