Infrastructure major Larsen & Toubro (L&T) on Monday posted an over two-fold jump in consolidated profit after tax (PAT) to Rs 1,531.66 crore for the quarter ended June, helped by higher income.
In the year-ago quarter, the company's "net profit after tax from continuing operations & discontinued operations" was at Rs 543.93 crore, L&T said in a BSE filing.
Its total income during the April-June quarter of the ongoing fiscal rose to Rs 29,982.70 crore from Rs 22,037.37 crore in the same period a year ago.
The engineering and construction conglomerate's expenses were at Rs 27,708.08 crore as against Rs 21,367.63 crore earlier.
In a separate statement, the company said it has achieved consolidated revenues of Rs 29,335 crore for the quarter ended June 30, 2021, registering a y-o-y growth of 38 per cent.
This was on the back of healthy execution of projects despite the second wave of COVID-19 affecting operations at many locations.
Project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions.
The international revenues during the quarter at Rs 11,186 crore constituted 38 per cent of the total revenue.
The company bagged orders worth Rs 26,557 crore at the group level during the quarter, a growth of 13 per cent over the corresponding period of the previous year.
Orders were received in various segments like metros, rural water supply, minerals and metal, residential, power transmission and distribution, power and hydrocarbon offshore sectors.
International orders at Rs 9,045 crore comprised 34 per cent of the total order inflow.
The consolidated order book of the group stood at Rs 3,23,721 crore as on June 30, 2021, with international orders at 20 per cent of the total book. "The financial year commenced with India witnessing a more severe second wave of COVID-19, affecting demand and the investment momentum, both of which resulted in the scaling down of the Indian GDP growth forecast.
"With the waning of the second wave of the pandemic and lockdown restrictions progressively being eased in recent weeks, signs of pick-up in economic activity are visible," the company said.
Further, 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 the vaccination efforts gathering momentum.
Also, with external demand strengthening, a rebound in global trade is expected, providing fillip to the country's exports, it said.
L&T will continue to focus on efficient execution of its large order book, working capital reduction, cost optimisation through use of digital technologies aimed at operational efficiencies and driving an agile balance sheet, the statement said.
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