Infrastructure major Larsen & Toubro on Friday reported 17% fall in consolidated net profit at Rs 2,055 crore for the quarter ending December 31, 2021 as higher raw material and fuel prices impacted margins. The company posted net profit of Rs 2,467 crore in the year-ago period.
Consolidated revenue from operations rose 11% to Rs 39,563 crore as against Rs 35,596 crore in Q3FY21.
The consolidated order book of the group was at Rs 3.4 trillion as on December 31, 2021, with international orders having a share of 24%, which gives multi-year revenue visibility, the company said in a stock exchange filing.
The company bagged orders worth Rs 50,359 crore during the quarter ended December 31, 2021, registering decline of 31% over the corresponding period of the previous year, since the previous year had the benefit of the company securing the biggest ever EPC contract for Mumbai Ahmedabad High Speed Rail in the infrastructure segment.
On Friday, L&T's scrip on BSE closed 0.65% lower at Rs 1,898.80.
During the third quarter of the current financial year, 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, L&T said.
The international orders, at Rs 20,521 crore, during the quarter comprised 41% of the total order inflow, with receipt of large value international orders in Hydrocarbon Offshore, it added.
The company's international sales during the quarter stood at Rs 14,541 crore, which is 37 per cent of the total revenue.
Infrastructure segment secured orders of Rs 25,330 crore, down 44% over the previous year. The heavy engineering segment recorded an order inflow of Rs 1,288 crore, recording a growth of 29%.
On the outlook, the company said in the backdrop of the current economic environment, it continues its planned path of winning targeted orders, focussing on profitable execution of its large order book and leveraging the strong growth momentum in its IT & TS portfolio, along with other value enhancing measures.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU