L&T Construction wins orders worth Rs5,146 crore

L&T Construction wins orders worth Rs5,146 crore

The company posted net profit of Rs 3,025 crore, rising by 29.5% compared to Rs 2,335 crore in the corresponding period of the previous year.

Engineering giant Larsen & Toubro (L&T) on Tuesday said its construction arm has won orders worth Rs5,146 crore across business segments.

L&T said its power transmission and distribution business bagged orders worth Rs2,780 crore in the domestic and worldwide market.

"Consolidated order book of the group stood at a robust level of Rs 261,341 crore as at March 31, 2017, higher by 5 per cent on a y-o-y basis". 34% of the total revenue was captured by global business where gross revenue stood at Rs 37,653 crore. Worldwide contracts continued to account for nearly a third of the total orders.

The engineering and construction conglomerate also raised the dividend to Rs 21 per share from Rs 18.25 apiece declared past year.

The board of directors of Larsen & Toubro have recommended a bonus issue in the ratio of 1:2.

The government's commitment to implement GST, thrust on private sector participation in defence business and higher allocation to infrastructure segments, initiatives to restructure the power distribution sector and tackling bad loans of banks are expected to keep the economic momentum, the company said.

"Economic recovery in the country is expected to steadily improve in the current year backed by structural reforms and overcoming the short term effects of demonetization that happened last year", the company said. Business, it has bagged major orders worth Rs 2,780 crore in the domestic & worldwide markets across the wide array of its business spectrum. Also a divided of Rs 21 per equity shares on the pre-bonus share capital has been declared.

Shares of the company declined Rs 11.05, or 0.62%, to trade at Rs 1,776.95. Last one week high and low of the scrip stood at Rs 1810 and Rs 1680 respectively.The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 56.02 % and 42.09 % respectively.The stock is now trading above its 50 DMA.