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L&T rides on orders, sale of concrete unit

L&T rides on orders, sale of concrete unit
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First Published: Fri, Jan 30 2009. 10 58 PM IST
Updated: Fri, Jan 30 2009. 10 58 PM IST
Mumbai: India’s biggest engineering company, Larsen and Toubro Ltd, said third-quarter profit more than tripled as it built more roads, bridges and factories, and sold its ready-mix concrete business.
On increasing its stake in Satyam Computer Services Ltd, chief financial officer Y.M. Deosthalee told CNBC TV18 on Friday that the company had not raised its holding beyond 12%, nor had it written to the government expressing interest about getting control of the outsourcer.
Net profit in the quarter ended 31 December rose to Rs1,520 crore from Rs482 crore a year earlier, L&T said in a statement.
The sale of its concrete business to Lafarge SA for Rs916 crore in May helped L&T boost working capital and back an order book forecast to expand 35% this year.
Revenue will likely rise 30% in the next fiscal year, helped by a 15% to 20% gain in orders, president operations J.P. Nayak told reporters after the results were announced.
Reuters contributed to this story.
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First Published: Fri, Jan 30 2009. 10 58 PM IST