L&T Q3 net declines 17% sans one-time gain

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Larsen & Toubro Ltd. (L&T) said consolidated net profit for the quarter ended December 31 declined 17% to ₹2,055 crore from a year earlier.

This is on account of an instance of a sale of commercial property in the realty business and gain on divestment from discontinued operations of the Electrical & Automation business (₹14,000 crore) in the corresponding period of last year.

Consolidated revenue grew 11% to ₹39,563 crore.

“The increase reflects an improving project execution momentum and robust growth in the IT&TS portfolio,” L&T said in a filing with exchanges. At ₹ 14,541 crore, international sales accounted for 37% of the total revenue.

The company bagged orders worth ₹ 50,359 crore during the quarter, registering a decline of 31%. The company noted that the year earlier period saw the company securing the biggest-ever EPC contract for the Mumbai-Ahmedabad High Speed Rail in the infrastructure segment.

International orders, at ₹20,521 crore, comprised 41% of the total order inflow, with receipt of large-value international orders in the Hydrocarbon Offshore segment, the company said.

The company pointed out that the consolidated order book of the group was at a record ₹3,40,365 crore as on December 31, with international orders having a share of 24%.

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