L&T enjoys 26% growth in revenue
By Sarah Ann McCay26 July 2012
Indian contractor Larsen & Toubro (L&T) saw revenue and orders swell for the quarter ended June 30, 2012, despite a slow down it its domestic market.
The firm recorded a +26% increase in gross revenue for the quarter to INR 12078 crore (US$ 2.2 billion). Of this, 17% of total revenue came from international sales.
L&T saw its order inflow jump +21% during the quarter to INR 19594 crore (US$ 3.5 billion) thanks to strong performances from its infrastructure, buildings and factories, and power transmission and distribution sectors. As at June 30, 2012, the firm's backlog was INR 153095 crore (US$ 27.6 billion).
L&T's Engineering & Construction (E&C) segment saw +30% growth in revenue to INR 10441 crore (US$1.9 billion), which it attributed to higher activity levels in power, hydrocarbon, and minerals and metals projects. E&C secured fresh orders worth INR 17804 crore (US$ 3.2 billion), representing +24% year-on-year growth.
The contractor forecast moderate growth in its domestic market and said it was strengthening its presence in the international markets of the Middle East, South East Asia and CIS countries, where it sees promising prospects.