Mumbai, May 19 : Engineering and construction major Larsen and Toubro (L&T) Thursday posted a 17.39 percent increase in its net profit for the quarter ended March 31, which stood at Rs. 1,688.21 crore as against Rs. 1,438.10 crore during the like period of the last fiscal.

The company's gross sales rose 12.78 percent to Rs. 15,212.74 crore during the quarter under review, compared to Rs. 13,489.52 crore during the corresponding period of the last fiscal, the company said in a regulatory filing.

In its outlook for the remaining part of the fiscal, L&T said it was well-positioned to sustain the revenue growth momentum, given its presence in diverse sectors of the economy and a healthy order book. However, it said higher inflationary trends was a challenge.

The company also declared an interim dividend of Rs. 14.50 per equity share.

At the Bombay Stock Exchange, the shares of the company were up 1.94 percent at Rs. 1,535.00. (IANS)