MUMBAI: Driven by efficient execution of orders, engineering and construction major Larsen & Toubro (L&T ) on Monday posted an 18% growth in net profit to Rs 992 crore for the third quarter as compared to Rs 841 crore in Q3 FY11.

L&T's gross revenue grew to Rs 14,155 crore in the reporting quarter, a 23% increase from Rs 11,492 crore in the yearago period. "Despite several challenges, we have tried to do our best and come out reasonably well, though a lot needs to be done. Efficient execution of our orders aided the sales to grow by 23%," L&T's wholetime director & chief financial officer R Shankar Raman told reporters here.

Order inflow rose by 28% Yo-Y to Rs 17,129 crore during the quarter, taking the size of the company's order book to Rs 1,45,768 crore as of December 31. "The quarter witnessed project deferments, aggressive competition, slow reform process and sharp rupee depreciation . Nearly Rs 15,000-20 ,000 crore worth orders we were pursuing were deferred. However , the recent increase in IPP numbers and easing of inflationary pressures, reflects some positive developments," he said.

In last quarter, L&T had revised guidance for order inflow to 5% from 15% which it had given at the beginning of fiscal. When asked whether it would be revising its guidance given improvement in the order inflow in Q3, Raman said, "We are going to resist the temptation to fine tune guidance on a quarter to quarter basis.

Guidances are indicative of trajectory where our businesses are heading ." "When we revised the guidance to 5 from 15% the indication we were giving was that we are headed towards a flat year," he added.

Source :timesofindia.indiatimes.com