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L & T net profit soars 73 p.c.

MUMBAI: Engineering and construction major Larsen & Toubro (L&T) registered a 73 per cent jump in its net profit at Rs. 348 crore for the quarter ended September 30, 2007, against Rs. 201.22 crore in the same quarter in the previous year. “Profit has gone up because we have been spending considerable time in selecting the right jobs,” L&T Chief Financial Officer, Y. M. Deosthalee told reporters here on Friday.

Gross sales for the second quarter have also jumped by 47 per cent. It has reported Rs. 5,523.27 crore in sales against Rs. 3,847.80 crore in the comparable period in the previous year. The company has an order backlog of Rs. 4,400 crore till September.

Despite the uncertainty over the Indo-U.S. nuclear deal, L&T is bullish about the nuclear programme in India. “The Indian nuclear programme will see growth. More reactors are coming that would give us business,” L&T board member, K. Venkataraman, said. — PTI

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