L&T reports net profit of Rs 2,055 crore in Q3

The company’s revenues increased 11 per cent to Rs 39,563 crore during the quarter as compared to Rs 35,596 crore in the same quarter last year.

Shares of Indian multinational conglomerate, Larsen & Toubro Ltd tanked by 0.68 per cent at Rs 1,897.85 (−13.00) apiece in Friday’s closing session on the National Stock Exchange after the company reported a decline of 17 per cent in its consolidated net profit at Rs 2,055 crore for the quarter ending December 31, 2021. The company had publicised a net profit of Rs 2,467 crore in the year-ago period.

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The company’s revenues increased 11 per cent to Rs 39,563 crore during the quarter as compared to Rs 35,596 crore in the same quarter last year.

“In the backdrop of the current economic environment, the company continues its planned path of winning targeted orders, focus on profitable execution of its large order book, leverage the strong growth momentum in its IT & TS portfolio and along with many other value-enhancing measures, is committed to creating sustainable long term returns to its stakeholders,” the company said.

The company got orders worth Rs 50,359 crore, registering a decline of 31% over the corresponding period of the previous 2 years. The company has been securing the biggest ever EPC contract for Mumbai Ahmedabad High-Speed Rail in the Infrastructure segment.

The enlargement in the revenue broods an improving project implementation momentum and robust growth in the IT & TS portfolio. International sales during the quarter at Rs 14,541 crore constituted 37 per cent of the total revenue, the company said in a regulatory filing.

Furthermore, the company also stated that during the quarter, orders were received in various businesses viz Hydrocarbon Offshore, Metros, Rural Water Supply, Minerals and Metal, Public Space, Health Infrastructure and Power Transmission and Distribution.

The International orders at Rs 20,521 crore during the quarter comprised 41 per cent of the total order inflow, with receipt of large value international orders in Hydrocarbon Offshore.