• PAGE ONE
• INDEX
• HOME

Steep fall in L&T net

Our Bureau

MUMBAI, Oct. 30

THE net profit of Larsen & Toubro Ltd for the second quarter ended September 30, 2000 has plummeted to Rs 12.49 crore from Rs 87.61 crore in the quarter ended September 30, 1999.

However, the company's income from operations has increased to Rs 1,741.19 crore (Rs 1,725.83 crore) and other income to Rs 63.34 crore (Rs 24.41 crore). Other income includes a gain of Rs 36.55 crore from the ``extinguishment of a liability'' and Rs 3 c rore of non-compete fee received from a joint venture company.

Total expenditure amounted to Rs 1,615.13 crore (Rs 1,499.16 crore). This includes construction material cost which has shot up to Rs 166.94 crore (Rs 49.34 crore).

The interest burden has gone up to Rs 102.40 crore (Rs 98.06 crore) and depreciation to Rs 74.21 crore (Rs 68.50 crore).

For the half-year ended September 30, the company has recorded a net profit of Rs 31.37 crore (Rs 166.86 crore).

The company's board has approved the demerger of the cement business, subject to a detailed scheme to be approved by shareholders.

The company said the auditors had qualified the accounts for the year ended March 31, 2000, for lack of members' approval to the reappointment and remuneration of two wholetime directors and the remuneration of three wholetime directors and medical expen ses of a non-wholetime director.