L&T beats expectations with 40% rise in net profit (Live mint.com 29th Jan 2008)India’s largest engineering and construction firm by market value, Larsen and Toubro Ltd (L&T), on Monday reported a better-than-expected third quarter net profit that rose 40%, and raised its revenue forecast for the year as it secured more domestic and international orders.
L&T posted a profit after tax of Rs481.79 crore for the October-December period, up from Rs343.90 crore in the year-ago quarter. Its net sales grew 55% to Rs6,382.68 crore from Rs4,115.69 crore last year. “We expect revenue to grow 35-40% for the full year,” L&T chief financial officer Y.M. Deosthalee said from Dubai, where the firm’s board met to finalize quarterly results. “Earlier, we were saying that our revenue would grow 30-35%,” he added. More
L&T aims 20% revenue from power biz in 2 yrs (Business Standard 29th Jan 2008)
India’s largest engineering and construction company Larsen & Toubro (L&T) aims to earn at least 15 to 20 per cent of its revenues from the power sector within a couple of years, through the engineering, procurement and construction (EPC) of power plants in the country.
Its units for the manufacture of power equipment with Mitsubishi and Toshiba Corporation of Japan are proposed to come up at Hazira in Gujarat by 2009-10.
“At present we have an order book of over Rs 50,000 crore and of this the contribution of the power sector is less than five per cent,” Y M Deosthale, whole-time director and CFO, Larsen & Toubro, told Business Standard.
“We aim to increase this share to 20 per cent in one or two years, considering the opportunities for power EPC projects in the country.” More
Tata Tea’s net up on profit from stake sale (Live mint.com 29th Jan 2008)The world’s second largest branded tea company, Tata Tea Ltd saw its net profit rise by more than 11-fold to Rs1,307.31 crore in the third quarter ended 31 December, compared with Rs117.19 crore in the corresponding quarter last year, as it made a one-time profit of Rs1,604.74 crore on sale of stake in Energy Brands Inc.
Sales rose 6.3% to Rs1,189.65 crore for the quarter, against Rs1,119.32 crore in the year-ago period as it continued to gain market share. More
Costlier fuel, new hires dent Jet Airways(The Hindu Businessline 29th Jan 2008)High fuel costs and start-up losses on its recently launched international routes have led Jet Airways to incur a net loss of Rs 91 crore in the third quarter ended December 31, 2007.
This is against a net profit of Rs 40 crore in the same period last year.
However, the company’s total income for the quarter grew by 23.9 per cent to Rs 2,517 crore (Rs 2,030 crore).
Commenting on the results, the Jet Airways CEO, Mr W. Prock-Schauer, said, “Aviation turbine fuel was at a record high of $100 a barrel in November. At the company level, the average staff numbers increased from 9,780 to 11,910 on account of the expansion of our international operations. New hires among pilots, engineers and cabin crew constituted the bulk of this increase.”
Among other coordinates, the domestic operations accounted for 63 per cent of the operating revenues at Rs 1,539 crore as against 79 per cent last year, reflecting the company’s growing scale and contributions from its international operations. International operations contributed 37 per cent to revenues this quarter, at Rs 886 crore. More
L&T posted a profit after tax of Rs481.79 crore for the October-December period, up from Rs343.90 crore in the year-ago quarter. Its net sales grew 55% to Rs6,382.68 crore from Rs4,115.69 crore last year. “We expect revenue to grow 35-40% for the full year,” L&T chief financial officer Y.M. Deosthalee said from Dubai, where the firm’s board met to finalize quarterly results. “Earlier, we were saying that our revenue would grow 30-35%,” he added. More
L&T aims 20% revenue from power biz in 2 yrs (Business Standard 29th Jan 2008)
India’s largest engineering and construction company Larsen & Toubro (L&T) aims to earn at least 15 to 20 per cent of its revenues from the power sector within a couple of years, through the engineering, procurement and construction (EPC) of power plants in the country.
Its units for the manufacture of power equipment with Mitsubishi and Toshiba Corporation of Japan are proposed to come up at Hazira in Gujarat by 2009-10.
“At present we have an order book of over Rs 50,000 crore and of this the contribution of the power sector is less than five per cent,” Y M Deosthale, whole-time director and CFO, Larsen & Toubro, told Business Standard.
“We aim to increase this share to 20 per cent in one or two years, considering the opportunities for power EPC projects in the country.” More
Tata Tea’s net up on profit from stake sale (Live mint.com 29th Jan 2008)The world’s second largest branded tea company, Tata Tea Ltd saw its net profit rise by more than 11-fold to Rs1,307.31 crore in the third quarter ended 31 December, compared with Rs117.19 crore in the corresponding quarter last year, as it made a one-time profit of Rs1,604.74 crore on sale of stake in Energy Brands Inc.
Sales rose 6.3% to Rs1,189.65 crore for the quarter, against Rs1,119.32 crore in the year-ago period as it continued to gain market share. More
Costlier fuel, new hires dent Jet Airways(The Hindu Businessline 29th Jan 2008)High fuel costs and start-up losses on its recently launched international routes have led Jet Airways to incur a net loss of Rs 91 crore in the third quarter ended December 31, 2007.
This is against a net profit of Rs 40 crore in the same period last year.
However, the company’s total income for the quarter grew by 23.9 per cent to Rs 2,517 crore (Rs 2,030 crore).
Commenting on the results, the Jet Airways CEO, Mr W. Prock-Schauer, said, “Aviation turbine fuel was at a record high of $100 a barrel in November. At the company level, the average staff numbers increased from 9,780 to 11,910 on account of the expansion of our international operations. New hires among pilots, engineers and cabin crew constituted the bulk of this increase.”
Among other coordinates, the domestic operations accounted for 63 per cent of the operating revenues at Rs 1,539 crore as against 79 per cent last year, reflecting the company’s growing scale and contributions from its international operations. International operations contributed 37 per cent to revenues this quarter, at Rs 886 crore. More
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