Larsen and Toubro (L&T), construction and engineering major, today posted net profit for the third quarter ended December, 2011, at Rs 991.55 crore as compared to Rs 840.53 crore in the corresponding quarter last fiscal, beating estimates.
Net sales for the quarter stood at Rs 13,999 crore, up 23% from Rs 11,396 crore in the same quarter last year.
Other income for the quarter was posted at Rs 449 crore as compared to Rs 251 crore in the same quarter a year ago.
L&T's gross revenue grew to Rs 14,155 crore in the reporting quarter, a 23% increase from Rs 11,492 crore in the year-ago period.
During the period, order inflow was at Rs 17,129 crore. The nine-month order inflow from Arpril to December was at Rs 49,415 crore. The company needs an order inflow of Rs 34,593 crore to meet its fourth quarter (Q4) guidance.
"The quarter witnessed project deferments, aggressive competition, slow reform process and sharp rupee depreciation. The recent increase in IPP numbers and easing of inflationary pressures, however, reflects some positive developments," the company said.
At1335 hours, the shares of the company were trading lower by 1.74% at Rs 1,251 per share and later rose higher by 1% at Rs 1,286 on the Bombay Stock Exchange.