Infrastructure company Larsen & Toubro (L&T) on Monday posted a consolidated net profit of ₹1,174 crore, up 287% year-on-year primarily on low-base effect, as against ₹303 crore net profit in the year-ago period.
The company’s multi-fold growth is “attributed to healthy execution of projects despite the second wave of Covid-19 affecting operations at many locations.” “Project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions,” L&T said in a regulatory filing.
Sequentially, the profit fell 64% from ₹3,293 crore in the March quarter.
The company reported a 38% on-year growth in consolidated revenues to ₹29,335 crore. The international revenues during the quarter came at ₹11,186 crore.
L&T bagged orders worth ₹26,557 crore during the quarter ended June 30, 2021 registering a growth of 13% over the corresponding period of the previous year.
During the quarter, orders were received in various segments like Metros, Rural Water Supply, Minerals and Metal, Residential, Power Transmission and Distribution, Power and Hydrocarbon Offshore sectors. International orders at ₹9,045 crore during the quarter comprised 34% of the total order inflow.
The consolidated order book of the group was at ₹3.2 lakh crore in Q1FY22, with international orders at 20% of the total order book.
Ahead of the quarterly results, shares of the company on Monday closed 0.79% lower at ₹1,599 apiece on BSE.
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