Increased performance credited to engineering and construction
India’s largest engineering and construction company has reported a 32% increase in net profit for Q3 2010 and expects to “maintain the growth for the whole year”.
Larsen and Toubro Ltd (L&T), which has undertaken projects throughout the Gulf, attributes the increase to a 19% rise in engineering and construction revenues and a quicker pace of project execution.
L&T also sold part of its stake in Satyam Computer Services.
The US $9.8 billion group reports GCC revenues close to US $1 billion for the financial year 2009-10.
“Most of this growth comes from the order book in the beginning of the year. Engineering and construction margins are better both for the quarter and the first half of the year,” commented chief financial officer Y.M. Deosthalee said.
He adding the company expects to “maintain the growth for the whole year”.
Engineering and construction account for around 80% of the conglomerate’s activities, with other interests including the electrical, power and hydro-carbon sectors. L&T recently opened a Systems Integration Facility in Jebel Ali Free zone, Dubai, and was awarded a contract for a thermal power plant at Baradarha.