India’s largest engineering firm, Larsen and Toubro Ltd (L&T), on Monday reported a 28 percent jump in March quarter consolidated net profit on higher revenue and lower taxes. The consolidated net profit in the quarter rose to Rs. 3,025 cr, against Rs. 2,335 cr, that was in a year earlier. Total income from operations grew 12 percent to Rs. 36,828 cr.
The company said it won orders worth Rs. 47,289 cr, in the March quarter, up 9.6 percent from a year earlier. International orders, at Rs. 9,044 cr, made up 19 percent of the total order inflow. The consolidated order book figured at Rs. 2.61 trillion as of 31 March, an enhance of 5 percent from a year earlier.
Revenue from the infrastructure business, rose 8.2 percent to Rs. 20,300.96 cr, in the quarter, while revenue in the power business tanked about 2.8 percent to Rs. 1,838.55 cr.
The shares of L&T closed at Rs. 1,788 on BSE on Monday morning, little changed from last closing. Results have been announced after market hours on 29 May, 2017.
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Securities and Exchange board of India (Sebi) has issued a new framework for listing of NCDs (non-convertible debentures) and NCRPs (Non-convertible redeemable preference shares) following mergers and acquisitions (M&As). A listed company may seek listing of NCDs/ NCRPs issued pursuant to a scheme of arrangement only in case where the listed company is a part of such scheme and such securities are issued to the holders of specified securities of such listed entity, as per Sebi circular.
Only the NCDs/NCRPs issued to listed specified security holders will be eligible for seeking listing. However, if the same series of securities are also allotted to other investors, such securities would not be eligible for listing. A scheme of arrangement is a court approved agreement between a company and its shareholders/creditors. The minimum term of such securities would be one year.
Sebi has earlier streamlined regulatory framework for scheme of arrangement like merger and acquisitions by listed companies to check any possible evading of norms and prevent firms from seeking direct approval of National Company Law Tribunal for such deals.
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