Larsen And Toubro Net Profit Drops 50 Percent

Mumbai, Jan 21 – Engineering and infrastructure major Larsen and Toubro (L&T) Thursday reported a 50 percent drop in net profit at Rs.758.8 crore for the quarter ended Dec 31, compared to Rs.1,520.4 crore it earned in the like quarter last fiscal.

The results were lower than what most analysts had estimated.

The company’s total income fell 6.3 percent to Rs.8,355.7 crore for the quarter under review, compared to Rs.8,924.3 crore in the corresponding period last fiscal.

Revenues in key segments of engineering and construction dropped to Rs.6,997.97 crore from Rs.7,669.75 crore in the like quarter of 2008-09.

Following the announcement, the L&T scrip fell 3.94 percent at the Bombay Stock Exchange at Rs.1,570.80 around 1.15 p.m.

Posted by Vamban on Jan 21, 2010 @ 1:39 PM Filed under Business, National, Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry