<p>Weighed by a slowdown in international orders, engineering and infrastructure giant Larsen & Toubro (L&T) reported a 37.3 per cent decline in consolidated net profit for the first quarter ended June 30, 2015 at Rs 606.19 crore as against Rs 966.89 crore in the comparable period.<br /><br /></p>.<p>During the quarter, the international orderbook stood at around Rs 8,000 crore as against Rs 14,800 crore in the same period, a year ago. The international orderbook constitutes 26 per cent of the overall orderbook of L&T.<br /><br />Net sales for the company during the quarter grew 6.73 per cent to Rs 20,252.17 crore as against Rs 18,974.75 crore in the first quarter of the previous fiscal.<br /><br />“The first quarter of the previous fiscal had extra gains to the tune of Rs 400 crore which included profits from the stake sale of Dhamra port,” L&T Chief Financial Officer Shankar Raman said.<br /><br />Despite the performance during the quarter, the group maintained its guidance for revenues and orderbook.<br /><br />“We don’t see any signs yet to revise our guidance, and hence, we maintain our revenue and orderbook guidance for FY16 at 15 per cent,” Raman said.<br /><br />The company seemed cautious about its prospects in the near term. “The business environment stays challenging in the short term while the prospects in urban infra, transportation infra, power transmission water, renewable energy and defence manufacturing remain promising in the medium term.”</p>
<p>Weighed by a slowdown in international orders, engineering and infrastructure giant Larsen & Toubro (L&T) reported a 37.3 per cent decline in consolidated net profit for the first quarter ended June 30, 2015 at Rs 606.19 crore as against Rs 966.89 crore in the comparable period.<br /><br /></p>.<p>During the quarter, the international orderbook stood at around Rs 8,000 crore as against Rs 14,800 crore in the same period, a year ago. The international orderbook constitutes 26 per cent of the overall orderbook of L&T.<br /><br />Net sales for the company during the quarter grew 6.73 per cent to Rs 20,252.17 crore as against Rs 18,974.75 crore in the first quarter of the previous fiscal.<br /><br />“The first quarter of the previous fiscal had extra gains to the tune of Rs 400 crore which included profits from the stake sale of Dhamra port,” L&T Chief Financial Officer Shankar Raman said.<br /><br />Despite the performance during the quarter, the group maintained its guidance for revenues and orderbook.<br /><br />“We don’t see any signs yet to revise our guidance, and hence, we maintain our revenue and orderbook guidance for FY16 at 15 per cent,” Raman said.<br /><br />The company seemed cautious about its prospects in the near term. “The business environment stays challenging in the short term while the prospects in urban infra, transportation infra, power transmission water, renewable energy and defence manufacturing remain promising in the medium term.”</p>
