Larsen and Toubro (L&T) on Friday reported a 16.7 per cent decline in consolidated net profit at Rs 2,054.74 crore for the quarter ended December 2021, mainly due to one-off gains in the year-ago period.
The engineering major had posted consolidated net profit of Rs 2,466.71 crore in the same quarter of the previous fiscal, L&T said in a filing to BSE.
"The consolidated net profit after tax for the quarter ended December 31, 2021 at Rs 2,055 crore, registered a decline of 17 per cent over the corresponding quarter of the previous year, which had an instance of a sale of commercial property in realty business and gain on divestment from discontinued operations of the electrical and automation business," the company said in a statement.
However, the consolidated income of the company during October-December quarter increased to Rs 40,134.31 crore, over Rs 36,661.08 crore in the year-ago period.
Larsen & Toubro achieved consolidated revenues of Rs 39,563 crore for the quarter, registering a Y-o-Y growth of 11 per cent.
"The increase reflects an improving project execution momentum and robust growth in the IT&TS portfolio. International sales during the quarter at Rs 14,541 crore constituted 37 per cent of the total revenue," it said.
It bagged orders worth Rs 50,359 crore during the quarter, registering a decline of 31 per cent, since the previous year had the benefit of the company securing the biggest-ever EPC contract for Mumbai Ahmedabad High Speed Rail in the infrastructure segment.
During the quarter, orders were received in various businesses -- hydrocarbon offshore, metros, rural water supply, minerals and metal, public space, health infrastructure and power transmission and distribution.
The international orders at Rs 20,521 crore comprised 41 per cent of the total order inflow, with receipt of large value international projects in hydrocarbon offshore segment.
The consolidated order book of the group was at a record Rs 3,40,365 crore as on December 31, 2021, with international orders having a share of 24 per cent.
Infrastructure segment secured orders of Rs 25,330 crore, down 44 per cent over the previous year.
The heavy engineering segment recorded an order inflow of Rs 1,288 crore, recording a growth of 29 per cent.
On the outlook, the company said in the backdrop of the current economic environment, it continues its planned path of winning targeted orders, focussing on profitable execution of its large order book and leveraging the strong growth momentum in its IT & TS portfolio, along with other value enhancing measures.
