The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Larsen, whose heavy engineering and construction activities account for about 75 per cent of total sales, has been riding an infrastructure boom as India pours billions into uprgading airports, highways, ports and power generation.
The company expects its orders to grow by 25-30 per cent in the next six months, and sales to increase by up to 35 per cent, chief financial officer Y.M. Deosthalee told reporters.
"With a healthy order book, the company is confident of sustaining the growth momentum, both in terms of revenue and profitability in the near to medium term," Larsen said in a statement.
The company's shares rose as much as 12.3 per cent to a life high of Rs3,880 yesterday, leading the main Mumbai index to a record high. L&T's shares have risen more than 165 per cent this year. "All of its businesses, like power and other segments, are witnessing significant investments, and being a leading company, Larsen is bound to get a lion's share of equipment orders," said Sameer Ranade, analyst with PINC Research, a local brokerage.
Larsen, which has operations ranging from manufacturing to software services, said net profit for the July-September quarter rose to Rs3.48 billion ($88 million) from 2.01 billion reported a year earlier.
Net sales for its fiscal second quarter rose to Rs55 billion from 37.4 billion a year earlier.
Overseas orders accounted for 17 per cent of total revenues.
Deosthalee said the company's order backlog stood at Rs440 billion at the end of September.
Macquarie Securities said in a report last week it expected Larsen's order book to double from fiscal 2008 to fiscal 2010.
The company expects growth to be driven by orders from infrastructure, power, hydrocarbons and minerals sectors in India and from the Middle East, where investments are being ramped up in the oil and gas sector to take advantage of high oil prices.
Larsen has said it plans to form three wholly owned units for power, shipbuilding and railways to tap potential business.
It is in process of launching a $1 billion infrastructure fund which would work independently to promote projects in India.
"We are in the final stage of discussions with our advisor," Deosthalee said of the fund, adding its first tranche of $300 million was likely to be invested by March 2008.
Larsen, which has a joint venture with Japan's Mitsubishi Heavy Industries to manufacture super-critical boilers in India, has said it was in talks with Japan's Toshiba Corp. for a power plants equipment joint venture. Swedish truckmaker Scania said it would form a partnership with Larsen to sell trucks in India, targeting the Indian market.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
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