L& T Finance Holdings on Friday said its net profit grew 71 per cent to Rs 5.38 billion for the quarter ended June 2018 (Q1), compared to Rs 3.14 billion a year ago. The finance arm of Larsen & Toubro has prepared financial statement for Q1 according to the new accounting rules Indian Accounting Standards, which came into effect from April 1, 2018.

A churn may take place at L&T’s structured finance business as its head Navin Gupta has quit and it is understood that some of his team members — industry sources say eight — are also likely to leave the company, people with direct knowledge of the matter told FE.

The sources also said that Gupta is currently in discussions with engineering group Kirloskar, which is diversifying into the financial services business with an NBFC. However, his joining the Kirloskar Group is not yet final.

Larsen & Toubro (L&T) on Friday said its construction arm has won orders worth Rs 30 billion to build office buildings in Andhra Pradesh and a tourism-related facility in Oman.

"The construction arm of L&T has won orders worth Rs 30 billion in the buildings and factories business, the company said in a BSE filing.

Larsen & Toubro (L&T) has moved higher by 1.3% at Rs 1,292 on the BSE after the company said its water & effluent treatment business won orders valued Rs 23.88 billion.

The orders have been secured from the Madhya Pradesh Jal Nigam Maryadit for the execution of Satna, Kundatiya and Mohanpura multi village rural water supply schemes on turnkey basis. The projects are funded by the New Development Bank, L&T said in a press release.

For 2017-18, Larsen & Toubro’s (L&T) hydrocarbon business recorded a profit margin of 7.7 per cent. This, for the segment that earlier struggled with sticky orders, is a complete turnaround from losses reported between fiscal year 2013 and 2015.

Top officials heading the segment attribute the turnaround story to major internal restructuring and cost rationalisation, while external factors continued to remain challenging.

Engineering conglomerate Larsen & Toubro (L&T) has written to the NITI Aayog raising concerns over the recent submarine project award to public sector owned Mazagon Dock Shipbuilders on a nomination basis, according to people with direct knowledge of the development.

India’s largest engineering and construction firm, Larsen and Toubro (L&T), is planning to start bidding for road projects under the hybrid annuity model (HAM), introduced just two years ago. The company will bid for HAM projects through its infrastructure development subsidiary, L&T L&T Infrastructure Development Projects (IDPL), L&T IDPL’s CEO Shailesh Pathak told FE.

Engineering major Larsen & Toubro (L&T) today said its construction arm has bagged orders worth Rs 2,210 crore across business segments in the domestic market. L&T said its water and effluent treatment business has secured orders worth Rs 2,044 crore.

Mumbai: Multiple years of losses have substantially eroded the networth of engineering major L&T's shipbuilding arm and led its independent auditors to cast “significant doubt” over whether the company can continue as a "going concern".

L&T, the parent, however said its investment in L&T Shipbuilding is “strategic” and affirmed its financial support. In accounting parlance, the 'going concern assumption' typically means that the company will remain in business for the foreseeable future without being forced to halt operations and liquidate its assets.

Engineering conglomerate Larsen & Toubro (L&T) reported a 5 per cent year-on-year increase in its consolidated profit after tax (PAT) at Rs 31.70 billion for the quarter ended March 2018 on improved operational performance, surpassing the Bloomberg consensus estimate of Rs 29.95 billion. The company, which beat its revised guidance for order inflow in the last financial year, remains optimistic of a promising year ahead for new orders.

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