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July 31, 2004: Larsen
& Toubro Limited (L&T) achieved Gross Sales & Service income
of Rs. 2689 crore for the three months ended June 30, 2004,
recording a growth of 64% over the same period last year.
Profit before tax and Profit after tax for the quarter amounted
to Rs. 116.01 crore and Rs.80.13 crore respectively, posting
an increase of 28% and 26% respectively over the first quarter
of 2003/04. The figures for the first quarter of 2003/04 have
been recast to exclude the financials of the cement business
which was demerged into UltraTech CemCo Limited with effect
from April 1, 2003.
Engineering & Construction
Segment The Engineering & Construction (E&C) segment secured
orders aggregating to Rs. 2172 crore, as against Rs. 1967
crore in the first quarter of 2003-04. This translates into
a growth of 10% quarter-on-quarter.
Export orders at Rs. 670 crore constituted 31% of the order
booking, evidencing the Company's credentials to secure projects
overseas. A repeat order for supply of Coal Gassifier Shell
to China is a testimony to the Company's world class manufacturing
facilities geared to fabricate complex process plant equipment.
The details of major orders secured during the quarter are:
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| SIPAT super thermal power project (Chattisgarh)
of National Thermal Power Corporation Limited |
239 |
| Supply, erection, commissioning of Coal Handling
Plant at Kahalgaon for National Thermal Power Corporation Limited
|
171 |
| Supply and erection of Coal Handling Plant at
Vindhyachal for National Thermal Power Corporation Limited |
112 |
| 33/11 kV package Substation with 33 kV overhead
line and cable at Al Ain for Abu Dhabi Water & Electricity Authority |
142 |
| Coal Gassifier Shell and Internals for Zhongauan
Dahua Group Company Limited, Henan Province (China) |
196 |
| Construction and maintenance of water front project
at Dubai for Trident International Holdings, Dubai |
76 |
E&C segment revenues for the quarter at Rs. 2277
crore accounted for 84% of the Company's revenues and registered
a growth of 74% on a q-o-q basis. The subsequent quarters are
expected to register much lower increases
The segment has an order backlog position of Rs. 16581 crore
as at June 30, 2004. |
| Electrical & Electronics Segment |
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The segment revenue at Rs. 251 crore posted a
24% q-o-q growth. The increase was driven by Electrical Switchgear
Products. The segment's export sales grew more than threefold
to Rs. 17 crore, demonstrating the success of export initiatives.
Segment operating margin for the quarter at 10.7% is higher
as compared to 8.6% for the corresponding quarter of the previous
year. This was largely achieved through lower manufacturing
costs, higher labour productivity and higher new product intensity
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| With a robust order backlog, the Company expects
an overall sales growth of over 25% for the year. E&C segment
margins are likely to improve during the remaining quarters.
The Company is well-positioned to capture the opportunities
emerging in the hydrocarbon sector - both in the domestic and
international markets. With the Government's continued thrust
on infrastructure and manufacturing sectors, the outlook for
the near-to-medium term is encouraging |
| For Financial Results, click
here. |
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