L&T Q4 net profit up 5% to Rs 3,167 cr (Eds: Correcting company’s name in para 3)
New Delhi, May 28 (PTI) Infrastructure giant L&T today registered 4.72 per cent jump in consolidated net profit to Rs 3,167.47 crore for the fourth quarter ended March 31, 2017-18.
It had clocked a net profit of Rs 3,024.61 crore in the January-March quarter of the preceding fiscal, 2016-17.
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“The consolidated gross revenue in the quarter January to March 2018 totalled Rs 40,678 crore recording an increase of 10 per cent on a year-on-year basis,” Larsen and Toubro said in a statement.
Its total expenses during the quarter under review grew to Rs 36,198.11 crore as against Rs 33,464.06 crore during the year-ago quarter.
The order intake grew 5 per cent to Rs 49,557 crore during the quarter, it said, adding that international order inflow at Rs 8,678 crore constituted 18 per cent of the order inflow for the 3-month period.
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Consolidated order book of the group stood at Rs 2,63,107 crore as at March 31, 2018, with international order book constituting 24 per cent of the total order book.
During the quarter January-March 2018, the infrastructure segment recorded order inflow of Rs 33,455 crore registering a growth of 27 per cent over the corresponding quarter of the previous year. The order book of the segment stood at Rs 1,95,419 crore as of March 31, 2018.
The company said, “Domestic reforms such as GST, RERA and the Insolvency and Bankruptcy Code have led to disruptions in the year gone by, though these are expected to lead to sustainable long term growth.”
These reform measures along with increased flow of funds from multilateral institutions aided by supportive policies such as pursuance of ‘Make in India’ initiative, focus on infrastructure buildout, etc are likely to improve the investment climate in the country, it said.
“With tax revenues estimated to show buoyancy through nominal GDP growth and widening of the tax base, budgetary allocations for infrastructure are scheduled to increase although the short term focus of the government could well be on development of rural India through social welfare schemes,” it said in outlook.
Revival of stressed business through the IBC is targeted at progressive resolution of the twin balance sheet problems and is the first step in facilitating increased credit lines to kick start private sector capex, the company said.
The order book of the company’s power segment stood at Rs 9,357 crore, a decline of 32 per cent.
Heavy Engineering order book increased by 13 per cent to Rs 13,523 crore.
The company said the order book of the hydrocarbon segment stood at Rs 26,590 crore as on March 31, up 7 per cent.
For IT and technology services segment, the customer revenue during the March quarter stood at Rs 3,075 crore, up 24 per cent, it said.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 18 billion in revenue.
The shares of the company closed 2.52 per cent up at Rs 1,377.60 a piece on BSE. PTI NAM SA SBT SBT 05281726