L&T Q2 results: Cons profit tumbles 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) on Wednesday reported a 67 per cent year-on-year (YoY) fall in consolidated profit at Rs 1,819.45 crore for the September quarter compared with Rs 5,520.27 crore in the corresponding quarter last year. The profit included Rs 144 crore gain on divestment of stake in a hydel power plant in Uttarakhand and tax expense of Rs 47 crore arising on transfer of the NxT Digital Business from the parent to Mindtree.

Meanwhile, the consolidated net profit after tax, excluding exceptional items and discontinued operations, for the quarter stood at Rs 1,723 crore, up 56 per cent over the corresponding quarter of the previous year.

Consolidated revenues for the quarter under review came in at Rs34,773 crore, up 12 per cent YoY. The increase is attributed to project execution momentum, with the easing of regional lockdowns on progressive vaccination coverage and industry-leading growth in the LT&TS portfolio, L&T said.

International sales for the quarter stood at Rs 12,318 crore, which were 35 per cent of the total revenue.

"The growth is mainly driven by higher profits in the LT&TS portfolio and improved margins from the Projects & Manufacturing portfolio as the pandemic induced stress in previous periods progressively wanes out," the company said.

The company bagged orders worth Rs 42,140 crore for the quarter, up 50 per cent YoY. This included international orders, which stood at Rs 22,116 crore. They accounted for 52 per cent of the total order inflow. Overall, the consolidated order book of the group stood at Rs 330,541 crore as on September 30, with the share of international orders at 23 per cent.