L&T’s Q3 profitability was below our estimate, led by losses in the hydrocarbons business, unfavourable job mix, very weak non-infrastructure sales and one-offs. FY15 will be a lacklustre year but FY16 looks better given (i) likely continuation of strong sales growth in the infrastructure segment (+20%) and pick-up in non-infrastructure sales on improving inflow/backlog in FY15, (ii) losses in the hydrocarbon business will be largely provided for in FY15, (iii) potential impact, if any, of the infrastructure segment’s overseas execution on margin will materially reflect only in FY17, (iv) continued positive news flow on better domestic ordering, which will eventually be followed by actual higher order awards, though potentially back-ended.

L&T Infotech, the IT services and solutions arm of the EPC major, is looking at revenues of over $1 billion in FY16 before it comes with its IPO in mid-2016.

(We are) working on strategies for revenues to cross $1 billion and go for IPO in mid 2016, its chief operating officer Chandrashekar Kakal told PTI

Mumbai: India’s benchmark index, S&P BSE Sensex, rose for the second consecutive day on Wednesday, led by shares of capital goods, healthcare and power companies, and banks.

The 30-share Sensex closed 0.63%, or 178.35 points, higher at 28,533.97, while the National Stock Exchange’s broader 50-share CNX Nifty gained 0.72%, or 61.85 points, to end at 8,627.40.

Larsen & Toubro posted an 8.8 per cent rise in consolidated net profit for the third quarter, on the back of revenue growth. However, the results failed to meet the Street expectation. The company also disappointed by lowering its order growth forecast (‘guidance’) to 15-20 per cent from the 20 per cent at the start of the financial year, anticipating delays in order booking.

Benchmark indices have extended losses and are trading near day’s low with Sensex and Nifty slipping over 1% weighed down by metal, auto and financials shares.

By 10:15, the Sensex was lower by 341 points at 28,377 whereas the Nifty has slipped by 100 points at 8,561 levels.

L&T Finance Holdings Limited is considering putting its hat into the ring for a payment bank licence.

Y M Deosthalee, chairman and managing director, said, "We have evaluated the payment bank option. It will take some more time for us to arrive at a decision."

Larsen and Toubro (L&T) is trading higher by 2% at Rs 1,570 on NSE after the company said it has won orders worth of Rs 4,006 crore in the month of December 2014.

The construction arm of L&T has won orders worth Rs 4,006 crore across various business segments in the month of December’14 in both the domestic and international markets, L&T said in a statement.

Engineering firm Larsen & Toubro (L&T) today said it bagged contracts worth Rs 2,521 crore in its building and factories business in both domestic as well as international markets this month.

The company's overseas subsidiary L&T Oman from the ministry of transport and communications, Sultanate of Oman, has secured an order for the construction of a new passenger terminal at Duqm Airport in Oman, a release issued here said.

Shares in Larsen and Toubro (L&T) were trading higher by nearly 1% at Rs 1,502 on NSE after the company said it has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC).

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project, L&T said in a press release.

The L&T group has come forward to invest in solar and wind power projects in Andhra Pradesh.

L&T Financial Holdings Limited chairman and managing director YM Deosthali, who met chief minister N Chandrababu Naidu, has sought further clarity on the government's wind power policy in this regard, according to the chief minister's office.

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