The Hindu : L & T net up at Rs. 433 cr.

Online edition of India's National Newspaper
Friday, May 30, 2003

Business

Business

L & T net up at Rs. 433 cr.

MUMBAI MAY 29 . Larsen Toubro has posted a net profit of Rs. 265.63 crores in the quarter ended March 31, 2003 against Rs. 186.76 crores in the corresponding quarter last year. Net Sales have increased to Rs. 3152.41 crores from Rs. 2,587.96 crores.

The company has posted a net profit of Rs. 433.10 crores in the 12 months ended March 31, 2003 against Rs. 346.80 crores in the same period in the previous year. Net Sales have increased to Rs. 9360.12 crores from Rs. 7,725.66 crores in the period under reference.

On a consolidated basis, the group has posted a net profit of Rs. 380.18 crores in the year ended March 31, 2003 against Rs. 289.86 crores in the corresponding period in the previous year. Net sales have increased to Rs. 10326.90 crores from Rs. 8714.31 crores in the period under reference.

The board has recommended a dividend of Rs. 7.50 per share for the year ended March 31, 2003. Last year the payment was 70 per cent.

Announcing the results at a press conference here today, L&T Chief Executive Officer & Managing Director, A. M. Naik, said the average sales realisation for the quarter improved marginally to Rs. 1,289 a tonne from Rs. 1,265 a tonne in the corresponding quarter of the previous year.

Repyling to a question, Mr. Naik said cement business contributed 25 per cent to L&T's profit before interest taxes (PBIT). Anticipating queries from newsmen over the demerger issue, Mr. Naik preempted the scribes soon after making a presentation of financial performance of the company by stating that the board is yet to make up its mind on that issue.

Mr. Naik was categorical in his plea to scribes that their questions should be confined to results of the company and nothing on `demerger of cement business'.

While making a segment report of cement business, Mr. Naik said for the full year (2002-03), cement sales revenue increased by 4 per cent to Rs. 2,582 crores from Rs. 2,486 crores in the previous year. Sales of cement in the domestic market at 10.47 million tonnes showed a growth of 11 per cent.

However, Mr. Naik pointed out that the reduction in average domestic price realisation to Rs. 1,276 from Rs. 1,420 a tonne as also the increases in input costs like coal and petroleum products adversely impacted profitability. Continued efforts to reduce energy, material and logistics costs helped mitigate the impact, according to Mr. Naik. Overall, the operating margin of the segment for the year was 15.2 per cent vis-a-vis 19.3 per cent in the previous year.— PTI, UNI

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