The Pak Banker - - COMPANIES/BOSS -

In­dia's big­gest en­gi­neer­ing and con­struc­tion com­pany Larsen and Toubro Ltd (L&T), a cor­po­rate proxy for the broader econ­omy, re­ported a 37.31% fall in net profit for the first quar­ter of the cur­rent fi­nan­cial year. Net profit fell to Rs.606.19 crore in the April-June quar­ter from Rs.966.89 crore a year ago, the com­pany said. Net sales rose 6.73% to Rs.20,252.17 crore.

A Bloomberg poll of 14 an­a­lysts es­ti­mated net profit at Rs.829.50 crore while a sur­vey of 13 an­a­lysts pro­jected sales at Rs.20,250.70 crore. The con­sol­i­dated or­der book of the com­pany stood at Rs.2,38, 973 crore as on 30 June, 22% higher com­pared to last year. The com­pany won new or­ders worth Rs.26,376 crore dur­ing the quar­ter. In­ter­na­tional rev­enue dur­ing the quar­ter was at Rs.6,609 crore and con­sti­tuted 32% of the to­tal rev­enue. Dur­ing the quar­ter, the com­pany won in­ter­na­tional or­ders worth Rs.8,110 crore, which ac­counted for 31% of the to­tal or­der in­flow. Over­all, the in­ter­na­tional or­ders con­sti­tuted 26% of the to­tal or­der book. In its out­look state­ment, L&T said the in­vest­ment cli­mate re­mained sub­dued against the back­drop of global un­cer­tain­ties and un­hur­ried pace of re­forms in In­dia. "The do­mes­tic in­fra­struc­ture sec­tor awaits the trans­la­tion of var­i­ous pol­icy and bud­getary ini­tia­tives into a de­fin­i­tive cap­i­tal ex­pen­di­ture pro­gramme. While vis­i­bil­ity of out­lay by public sec­tor or gov­ern­ment un­der­tak­ings has im­proved, pri­vate sec­tor in­vest­ment in the in­dus­trial sec­tor is con­strained by weak de­mand, low com­mod­ity prices and un­der util­i­sa­tion of the ex­ist­ing ca­pac­i­ties," the state­ment said.

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