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L&T sales growth to slow on order delays

L&T sales growth to slow on order delays
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First Published: Thu, Jul 02 2009. 12 18 AM IST
Updated: Thu, Jul 02 2009. 12 18 AM IST
Mumbai: Larsen & Toubro Ltd’s (L&T) sales growth may slow to 20% this fiscal, about half the pace of the previous 12 months, as local and overseas customers of India’s biggest engineering company delay projects.
Sales rose 38% last fiscal. Order growth is expected to fall to 25% in the year ending 31 March, from 33% last year, chief financial officer Y.M. Deosthalee said.
To boost sales, L&T is expanding its financial services to provide funding for equipment purchases, he said. L&T, which has a 4.69% stake in City Union Bank Ltd, also plans to enter the general insurance business.
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First Published: Thu, Jul 02 2009. 12 18 AM IST