Mumbai, July 16 - India's largest engineering and construction major Larsen and Toubro Thursday reported a 218-percent increase in net profits for the quarter ended June 30, thanks mainly to the sale of its long term investment in Ultra Tech Cement.

The company said its net profit tripled to Rs.1,598.2 crore for the first quarter of this fiscal from Rs.502.44 crore during the like period of last fiscal. The net profit includes Rs.1,019.88 crore it made by selling its stake in Ultra Tech.

Its total income rose 7 percent to Rs.7,3632.71 crore during the quarter from Rs.6,901.43 crore in the same quarter the previous year.

The company, however, said its order inflows during the quarter under review fell 22 percent from a year earlier because of the overall economic slowdown, especially in the overseas markets.

L&T's shares opened higher on the Bombay Stock Exchange (BSE) at Rs.1,455, as against the previous close at Rs.1,430.15, and moved higher to Rs.1,474.80. But the scrip subsequently fell and was ruling with a loss of 2.91 percent at Rs.1,385.5.