L&T Q2 Revenue up 12%, Profit Slips
The company reported standalone revenue of INR 34,773 crore for the quarter ended September 30, 2021
L&T Ltd on Wednesday reported standalone revenue of INR 34,773 crore for the quarter ended September 30, 2021 registering a y-o-y growth of 12 per cent. The net profit after tax (excluding exceptional items and discontinued operations) for the quarter, stood at INR 1,723 crore, registering a growth of 56 per cent over the corresponding quarter of the previous year. However, adjusting for a one-time gain in the corresponding quarter last year, net profit was down 67 per cent.
The increase in revenue is attributed to project execution momentum with easing of regional lockdowns on progressive vaccination coverage and industry leading growth in the IT&TS portfolio.
International sales during the quarter at INR 12,318 crore constituted 35 per cent of the total revenue.
The company bagged orders worth INR 42,140 crore during the quarter ended September 30, 2021, registering a robust growth of 50 per cent over the corresponding period of the previous year. Orders were received in various segments such as oil & gas, metros, rural water supply, minerals and metal, public space and power transmission and distribution. The consolidated order book of the group was at INR 330,541 crore as on September 30, 2021, at near record levels, with international orders having a share of 23 per cent.
Larsen & Toubro is an Indian multinational engaged in EPC Projects, hi-tech manufacturing andservices. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
L&T construction secures order
The construction arm of L&T has secured a large order for its buildings & factories business from Central Public Works Department (CPWD) to construct—Common Central Secretariat Integrated Buildings 1, 2 and 3 in Plot 137, New Delhi with built-up area of approximately 48.11 lakh sq.ft. including its operation and maintenance.
The project is scheduled to be completed in 24 months. “We thank our client for reposing confidence in our capabilities to build to speed and scale by entrusting us with this project of national importance,” said S N Subrahmanyan, CEO & MD Larsen & Toubro, in a release.