New Delhi, July 28, 2010: Unfazed by a steep 58% decline in its profit at Rs 6.66 billion in the June quarter, engineering and construction giant Larsen & Toubro on Tuesday said it is betting big on favourable environment in both domestic and international markets and expects to achieve its 20% sales growth in the remaining quarters of this fiscal.

"The economy is witnessing a number of positive signs such as near normal monsoon, stable fiscal health and an improved index of industrial production. We expects to maintain our growth momentum in the medium-term," L&T senior V-P (finance and legal) R Shankar Raman said.

L&T reported a 58% drop in profit at Rs 666 crore in the June against Rs 1,598 crore in q-o-q period, despite a 6.4% jump in net sales at Rs 7,835 crore against Rs 7,362 crore in June 2009.