India’s largest engineering and construction conglomerate, Larsen & Toubro Ltd. (L&T) has posted 7 per cent decline in its net profit for the quarter ended March 31, 2013 at Rs 1787.9 crore. The company’s net profit for the corresponding quarter previous financial year stood at Rs 1920 crore, the construction major said in a filing to the Bombay Stock Exchange. Moreover, total income of L&T also increased from Rs 18,775 crore for the quarter ended March 31, 2012 to Rs 20,668 crore for the quarter ended March 31, 2013, the filing added. Meanwhile, the company’s Board of Directors has approved a scheme of arrangement between L&T and its wholly-owned subsidiary, L&T Hydrocarbon Engineering Ltd. (LTHE) along with their respective shareholders and creditors which inter alia envisages business transfer of the hydrocarbon independent company undertaking along with related assets and liabilities of into LTHE and other consequential matters under the provisions of Sections 391 to 394 of the Companies Act, 1956. At present, the company holds 100 per cent of the paid-up equity share capital of LTHE. Considering the growth opportunities in the hydrocarbon sector, the need for strengthening managerial bandwidth etc, it is considered desirable to presently keep LTHE as L&T’s wholly owned subsidiary, the company said. Reacting to the Q4 numbers, shares of the company were trading at Rs 1,530.30 a piece, down 4.75 per cent as compared to previous close on BSE .
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