Engineering and construction company Larsen & Toubro (L&T) posted a 14 per cent drop in net profit to Rs 977.5 crore for the three months ended September 30, 2013 compared to Rs 1137.31 crore in the same period a year ago.
The economic slowdown that has hit capital goods companies continues to worry L&T. A media statement outlined the outlook for the company stating that the macro-economic environment continues to remain weak and uncertain on account of the twin deficits, tight liquidity, persistent inflation and heightened volatility in the financial markets.
The company’s order book, however, stood at Rs 176,036 crore as on September 30, 2013, an 11% rise over a year ago.
The company recorded a gross revenue of Rs 14,648 crore in the second quarter, a year on year growth of 10 per cent.
Shares of L&T fared well on the bourses on Friday and rose 4.19% to close at Rs 872.35 on the BSE.