To overcome the slowdown in the domestic markets, Larsen & Toubro (L&T) reportedly is planning to bid for hydrocarbon projects worth $3 billion in the Middle-East and Malaysia in FY14. Witnessing slowdown in the domestic infrastructure sector and intense competition from peers, the company is now increasingly looking for growth from overseas markets.
The company has recently initiated the process to set up a separate subsidiary, L&T Hydrocarbon Engineering, for hydrocarbon business, which is aimed at scaling up the business internationally. The company aims to scale up the subsidiary's sales to $5 billion over the next five years from current $2 billion and subsequently list the subsidiary. Currently, L&T's hydrocarbon business accounts for 80% of overseas jobs and 20% of Indian projects.
On consolidated basis, the group has registered 10.91% rise in its net profit at Rs 5205.67 crore in FY13 as against Rs 4693.69 crore in previous year. Total income of the company has increased to Rs 75593.93 crore as compared to Rs 65142.08 crore in FY12, up by 16.04%.
