International growth for L&T
By Sarah Ann McCay23 July 2013
Indian contractor Larsen & Toubro (L&T) has seen its international revenue jump for the first quarter of 2013, up +68% to INR 3,378 crore (US$ 570 million) compared to the same period in 2012, as the firm continues to focus on developing its business in the Middle East, CIS, Africa and South Asia.
L&T registered an overall revenue increase of +5% to INR 12,704 crore (US$ 2.13 billion) for the quarter ended June 30, 2013.
New business worth INR 25,159 crore (US$ 4.22 billion) was signed during the quarter April – June 2013, up +28%. Meanwhile, international order inflow amounted to INR 3,617 crore (US$ 610 million) and constituted 14% of the total order inflow for the quarter.
According to L&T, its major orders came from building and factories, transportation infrastructure, hydrocarbon and heavy civil infrastructure businesses.
L&T’s order book stood at INR 165,393 crore (US$ 27.7 billion) at June 30, 2013, up +8% on 2012 figures. Its international order book grew +16% and constituted 12% of the total backlog.
Beginning April 1, 2013, the operations of the Engineering and Construction segment, which were previously reported as part of one single segment, now report into different segments as part of internal restructuring.
Looking ahead, the company has said that it will continue to focus its efforts on developing its international prospects.