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L&T third quarter net zooms to Rs 1,520 cr

Larsen & Toubro on Friday reported a three-fold surge in profit after tax at Rs 1,520.44 crore for the third quarter ended December 31, 2008.

The firm had a PAT of Rs 481.79 crore in the December quarter of FY'08, L&T said in a filing to the Bombay Stock Exchange.

The total income rose 35 per cent to Rs 8,615.59 crore during the third quarter of the current fiscal, from Rs 6,387.99 crore in the same period last fiscal.

During the quarter, the engineering major had an extra-ordinary gain of Rs 916 crore from the sale of company's Ready-Mix-Concrete (RMC) business.

“Despite the best efforts of the government to shore up the investment climate, the capital goods industry is expected to grapple with the impact of slowdown, which is likely to continue through 2009-10,'' L&T said.

For the nine months ended December 2008, L&T posted a PAT of Rs 2,483.14 crore, up two fold over the same period last fiscal. The company had a PAT of Rs 1,206.66 crore in the third quarter of FY'08.

The total income rose 41.55 per cent to Rs 23,208.03 crore during the nine-month period, from Rs 16,395.80 crore in the same period last fiscal.

The company expects that its initiatives in the railway business have resulted in order inflows. Besides, its power business venture is likely to bear fruit in the longer term in the nuclear power sector.
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