Larsen and Toubro’s Q1 standalone net profit down 21 percent

Mumbai (IANS) Engineering, construction and manufacturing conglomerate Larsen and Larsen & Toubro (L&T) on Friday reported a decrease of 21.55 percent in its stand alone net profit for the first quarter of the current fiscal.

According to the company, its net profit stood at Rs.700.97 crore in the quarter under review from Rs.893.55 crore for the quarter ended June 30, 2014.

The company’s total income in the quarter ended June 30, 2015 decreased by 4.04 percent at Rs.11,263.60 crore from Rs.10,825.65 crore in the previous corresponding quarter.

The company’s consolidated net profit for the quarter ended June 30, 2015 fell by 37.30 percent at Rs.606.19 crore from Rs.966.89 crore in the first quarter of 2014-15.

However, the company’s consolidated total income during the quarter under review grew by 6.53 percent at Rs.20,509.53 crore from Rs.19,251.79 crore in the corresponding period of last fiscal.

The company’s scrip at the Bombay Stock Exchange (BSE) gained by 1.07 percent on Thursday and stood at Rs.227 from its previous close of Rs.224.60 per equity share.

The company gave a cautious outlook stating that the business environment stays challenging in the short term, while the prospects in urban infra, transportation infra, power transmission, water, renewable energy an defence manufacturing remain promising in the medium term.

Punjab to establish unit to generate power from industrial waste
Chandigarh, July 31 (IANS) Punjab Deputy Chief Minister Sukhbir Singh Badal on Friday gave in principle approval for establishment of a renewable energy project which will use industrial waste to generate power.

Badal gave this approval on the spot after a demonstration at Ersekvadkert town in Hungary, which he is visiting with a delegation from Punjab, in which scientists of Fakon Vallalkozasi KFT company showcased the new technology which uses scientific invention to heat sulphur using photovoltaic cells to produce power.

“Fakon Vallalkozasi managing director Laszlo Pakh assured the deputy CM that it would install a one MW renewable energy plant using the company’s patented invention in Punjab within six months. He said the project would usher in a new revolution in the renewable energy business in Punjab,” a Punjab government spokesman said here.

Badal is visiting Poland, Hungary and Czech Republic during his tour.

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