CapitalMarket.com - L&T fails to build on procuring new contract
Hot Pursuit Thursday, June 07, 2007 13:41 Hrs IST

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L&T fails to build on procuring new contract

Larsen & Toubro declined 0.76% to Rs 1904 despite bagging a contract in United Arab Emirates.

On BSE, 1.53 lakh shares were traded on the counter.

The L&T share price rose from Rs 1701.60 on 24 May 2007 to Rs 2002.95 on 1 June 2007, boosted by its robust Q4 March 2007 results announced during trading hours on 29 May 2007. It declined continuously for the the next three trading sessions and settled at Rs 1919.55 on Wednesday, 6 June 2007.

Larsen & Toubro (L&T) announced during the market hours today, 7 June 2007, that it has won a contract from ENOC Processing Company (EPCL), Dubai, UAE, for the mechanical erection work of the new process plants of ENOC's naphtha hydro-treated reformer project. The estimated value of the contract is $ 51million.

Larsen & Toubro's net profit rose 50.11% to Rs 700.77 crore in Q4 March 2007 as against Rs 466.85 crore in Q4 March 2006. Sales rose 35.01% to Rs 6248.24 crore in Q4 March 2007 as against Rs 4627.87 crore in Q4 March 2006.

The net profit rose 38.62% to Rs 1403.02 crore in the year ended March 2007(FY 2007) as against Rs 1012.14 crore in FY 2006. Sales rose 19.31% to Rs 17578.84 crore in FY2007 as against Rs 14733.85 crore in FY 2006.

The company’s current order book stands at over Rs 35,000 crore, which is almost 2 times its FY 2007 revenue. This in turn gives strong revenue visibility.

Larsen & Toubro said on 18 May 2007 that it had secured orders worth Rs 412 crore. The orders include, Rs 332 crorelift irrigation contract, bagged by the company and its joint venture partner Kirloskar Brothers from Government of Andhra Pradesh. Another contract is worth Rs 80 crore from Rashtriya Ispat Nigam (RINL) for executing civil works in the Visakhapatnam steel plant.

Larsen & Toubro (L&T) is one of the largest engineering conglomerates. It manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys

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