Larsen and Toubro (L&T), India's leading engineering company is planning to increase its revenue share from overseas projects to 15-20% from 10-12% currently as part of a strategy to beat a slowdown in India. In recent months it has publicized Rs 5,685 crore worth of new foreign contracts, mainly for hydrocarbon firms in the West Asian region, since August.
The company gets more than 80% of its revenue from the domestic market but currently it has cut its order growth guidance for the current fiscal by a third to 5% last month, blaming slowing investments and rising competition.
L&T’s net profit after tax for the quarter rose 4.37% at Rs 798.39 crore as compared to Rs 764.98 crore for the quarter ended September 30, 2010. Total income has increased by 18.43% to Rs 11608.41 crore for the quarter under review from Rs 9802.21 crore for the similar quarter of the previous year.