Industry

L&T Q1 profit zooms to ₹1,531 crore on higher income

Infrastructure major Larsen & Toubro (L&T) on Monday posted a more than twofold jump in consolidated profit after tax to ₹1,531.66 crore for the quarter ended June, helped by higher income.

A year earlier, “net profit after tax from continuing operations & discontinued operations” was at ₹543.93 crore, L&T said in a filing.

Total income in the April-June quarter of FY22 rose to ₹29,982.70 crore from ₹22,037.37 crore.

The engineering and construction conglomerate’s expenses were at ₹27,708.08 crore as against ₹21,367.63 crore earlier. Project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions.

International revenues at ₹11,186 crore constituted 38% of total revenue. The company bagged orders worth ₹26,557 crore at the group level during the quarter, a growth of 13%. Orders were received in various segments across metros, rural water supply, minerals and metals, residential, power transmission and distribution, power and hydrocarbon offshore sectors. International orders comprised 34% of order inflow.

With expectation of a repeat normal monsoon, the agriculture sector is likely to remain buoyant, it said, adding the economy is expected to gain lost ground, aided by the fiscal stimulus packages announced, adoption of new COVID compatible occupational models by businesses and vaccination efforts gathering momentum.

With external demand strengthening, a rebound in global trade is expected, providing a fillip to the country’s exports, it said.


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Printable version | Sep 21, 2021 10:51:06 AM | https://www.thehindu.com/business/Industry/lt-q1-profit-zooms-to-1531-crore-on-higher-income/article35549054.ece

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