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L&T Q4 net profit up 14% YoY

Larsen & Toubro Ltd. (L&T) has reported a net profit of Rs. 19.20bn for the quarter ended March 31, 2012 as against Rs. 16.86bn in the same period last year.

Net sales for the fiscal fourth quarter stood at Rs. 185bn versus Rs. 153bn in the year-ago period.

Earnings Per Share (EPS) for the reporting quarter stood at Rs. 31.14 compared to Rs. 27.41 in the corresponding period of the last fiscal year.

The Company has posted a net profit after tax of Rs. 44.56bn for the year ended March 31, 2012 compared to Rs. 39.57bn for the year ended March 31, 2011.

Net sales for FY12 stood at Rs. 643.131mn versus Rs. 620.44bn in the year-ago period.

FY12 order inflow stood at Rs. 705.74bn while the same for Q4 FY12 was at Rs. 211.59bn. The order book stood at Rs. 1.46 trillion as of March 31, 2012.

With continued thrust on capacity argumentation for current execution and future growth, the Company invested Rs. 17.30bn in 2011-12 mainly to acquire various plant and equipment for the businesses in Engineering & Construction segment and for expansion of the Modular Fabrication Yard at Kattupalli, Tamilnadu.

The manufacturing facilities at Vadodara and Ahmednagar for the Electrical and Electronics business segment are being ramped up to reap benefits of low cost locations.

L&T spikes on encouraging Q4 results

A. M. Naik, Chairman & Managing Director, Larsen & Toubro Limited

Coal supply issues may hit NTPC's plans: reports

NTPC has reportedly said that that it may not be able to add at least 12,500 MW of generation capacity, if the coal supply issues are not resolved in the next couple of months.

The company has already scaled down its target of having 70,000 MW generation capacity by the end of the current Plan period (2012-17) to 65,000 MW, says report.

There are reports that the company has an installed generation capacity of 37,514 MW, including coal and gas-fired projects among others, which it had initially planned to raise to 70,000 MW by 2017.

In Focus Stories

IIFL recommends "Add' on Larsen Toubro

IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends “Add’’ Larsen & Toubro.

According to IIFL report, FY13 order inflow growth guidance of 15-20% following a 25% miss in FY12 was way ahead of expectations. The commentary was quite bullish, suggesting upsides to the formal guidance.

While the pipeline is strong, continued deferrals in decision making remain a risk. Although revenue growth guidance of 15-20% is achievable, in an environment of input price inflation and severe competitive intensity, margin stability is a tough ask. ADD, brokerage added.

The report was published by IIFL’s Institutional Equities Research desk.

Domestic News

Coal India inks FSAs for supply of 438.29MT coal

The subsidiary companies of Coal India Limited (CIL) have concluded 1652 Fuel Supply Agreements (FSAs) covering total quantity of 438.29 million tonnes so far. The sector-wise details of FSAs concluded are as under:

This information  was given by Minister of State for Coal Pratik Prakshbapu Patil  in a written reply in Lok  Sabha.  Patil said that  Ministry of Coal/CIL has not received any categorical refusal from the Association of Power Producers or others in respect of signing of the revised model Fuel Supply Agreement (FSA).

However,  CIL  has  received a request from NTPC  to consider signing of the FSA for the additional units of their  existing  power stations  on the same parameters as done  with  their  existing  plants, but with revised trigger point on disincentive as per the Government directives.

BHEL bags Rs 3.8bn contract from Rajasthan

Bharat Heavy Electricals Limited (BHEL) said  that it has secured a prestigious contract for setting up a 160 MW Combined Cycle Power Plant (CCPP) in Rajasthan.

Reposing confidence in BHEL’s proven technological excellence; Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) has placed a repeat order worth Rs. 3.8bn on the company, for setting up a Frame 9E Gas Turbine-based 160 MW CCPP as an expansion project (Stage IV) of Ramgarh power plant in Jaisalmer district of Rajasthan.

The order for Stage III of Ramgarh was also earlier placed on BHEL. The repeat order for Stage IV is a reflection of BHEL's capabilities and reinforces BHEL's leadership status in the execution of Gas-based Combined Cycle Power Projects.

L&T bags orders worth Rs25.92bn

Simplex Infra acquires Joy Mining Services

Elecon Engineering wins Rs. 255mn order from Tecpro System

McNally Bharat bags order from Gammon India

Adani Power Q4 net loss at Rs2.90bn

Alstom T & D India Q4 net profit at Rs454.20 mn

Essar Energy refinances US$450mn bridge loan

McNally Bharat bags Rs. 1.03bn order from BHEL

International News

Japan's March core machinery orders swing back to loss

Japan's core machinery orders for March fell 2.8% from a year earlier, according to reports. Reports stated that the Core machinery orders, which exclude those from power utilities and for ship builders, are often seen as a leading indicator of capital spending in Japan.