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NEW DELHI: EPC major Larsen & Toubro on Wednesday said its consolidated net profit fell 44.73 per cent year-on-year (YoY) to Rs 1,410.29 crore for the September quarter compared with Rs 2,551.67 crore in the same quarter last year.
Analysts in an ET NOW poll has projected a net profit of Rs 1,344 crore for the quarter.
The revenue from operations for the quarter dropped to Rs 31,034.74 crore from Rs 35,328.45 crore, a fall of 12.15 per cent YoY.
“The impact of the pandemic in terms of lower revenue, higher credit provisions in the financial services business and disruption of the metro services, led to decline in profits,” said the company.
Exceptional items during the quarter ended September 30, 2020 comprises impairment of funded exposure in the heavy forgings facility joint venture and impairment of assets in the power development business.
The company has declared a special dividend of Rs 18 per equity share to mark the successful completion of the divestment.
Cash generation from operations was robust during the quarter under review, which was strongly supplemented by proceeds from the divestment of electrical & automation business.
The company bagged orders worth Rs 28,039 crore at the group level during the quarter ended September 30, 2020, registering a sequential improvement of 19 per cent over previous quarter, but a decline of 42 per cent vis-à-vis previous year, on account of deferment of award decisions largely caused by the pandemic. International orders during the quarter constituted 36 per cent of the total order inflow.
Analysts in an ET NOW poll has projected a net profit of Rs 1,344 crore for the quarter.
The revenue from operations for the quarter dropped to Rs 31,034.74 crore from Rs 35,328.45 crore, a fall of 12.15 per cent YoY.
“The impact of the pandemic in terms of lower revenue, higher credit provisions in the financial services business and disruption of the metro services, led to decline in profits,” said the company.
Exceptional items during the quarter ended September 30, 2020 comprises impairment of funded exposure in the heavy forgings facility joint venture and impairment of assets in the power development business.
The company has declared a special dividend of Rs 18 per equity share to mark the successful completion of the divestment.
Cash generation from operations was robust during the quarter under review, which was strongly supplemented by proceeds from the divestment of electrical & automation business.
The company bagged orders worth Rs 28,039 crore at the group level during the quarter ended September 30, 2020, registering a sequential improvement of 19 per cent over previous quarter, but a decline of 42 per cent vis-à-vis previous year, on account of deferment of award decisions largely caused by the pandemic. International orders during the quarter constituted 36 per cent of the total order inflow.
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