Larsen & Toubro (L&T) has reportedly said, that it is not revising its growth forecast for the current fiscal year that ends in March 2014. The country’s largest engineering and construction company, in May had forecasted sales growth in the range of 15 to 17 percent for the current fiscal year.
L&T posted a surprise drop in its fiscal first-quarter net profit as a weak domestic economy hit spending on infrastructure projects. On standalone basis, the company has posted a fall of 12.46% in its net profit at Rs 756.03 crore for the quarter ended June 30, 2013 as compared to Rs 863.65 crore for the same quarter in the previous year. However, total income has increased by 3.69% at Rs 13027.66 crore for quarter under review as compared to Rs 12563.47 crore for the quarter ended June 30, 2012.
Larsen & Toubro is the biggest legacy of two Danish Engineers, who built a world-class organization that is professionally managed and a leader in India's engineering and construction industry. It was the business of cement that brought the young Henning Holck-Larsen and S.K. Toubro into India.