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L&T Q1 results: Net profit spikes 287% YoY to Rs 1,174 crore, misses estimates

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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.

L&T Q1 results: Net profit spikes 287% YoY to Rs 1,174 crore, misses estimates
Engineering and construction major Larsen & Toubro (L&T) on Monday reported a 287 percent year-on-year (YoY) jump in consolidated net profit at Rs 1,174 crore for the first quarter ended June 30.
In the corresponding quarter last year, the company posted a net profit of Rs 536.88 crore. CNBC-TV18 Polls had predicted a profit of Rs 1,590 crore for the quarter under review.
The company's total income for the Apil-June quarter rose 38 percent to Rs 29,335 crore from Rs 21,260 crore in the corresponding period last fiscal. The international revenues during the quarter at Rs 11,186 crore constituted 38 percent of the total revenue. The company's expenses were at Rs 27,708.08 crore as against Rs 21,367.63 crore earlier.
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The company bagged orders worth Rs 26,557 crore at the group level during the quarter ended June 30, 2021, registering a growth of 13 percent over the corresponding period of the previous year. International orders at Rs 9,045 crore during the quarter comprised 34 percent of the total order inflow. The consolidated order book of the group was at Rs 323,721 crore on June 30, 2021, with international orders at 20 percent of the total order book.
The infrastructure segment secured orders of Rs 11,023 crore, during the quarter ended June 30, 2021, registering a marginal decline over the corresponding quarter of the previous year, mainly due to pandemic induced delay in tendering activities and finalization of orders.
International orders at Rs 1,058 crore constituted 10 percent of the total order inflow of the segment during the quarter. The segment order book was at Rs 244,621 crore on June 30, 2021, with the share of international orders in the order book at 20 percent. The EBITDA margin of the segment during the quarter ended June 30, 2021, was at 7.1 percent vis-à-vis 6.3 percent recorded in the corresponding quarter of the previous year.
The power segment recorded an order inflow of Rs 911 crore for the quarter ended June 30, 2021, registering substantial growth compared to the corresponding quarter of the previous year on receipt of an order for the Flue Gas Desulphurisation (FGD) project.
The order book of the segment was at Rs 12,907 crore on June 30, 2021, with the international order book constituting 5 percent of the total order book. The segment EBITDA margin for the quarter ended June 30, 2021, was at 2.5 percent, higher compared to the corresponding quarter of the previous year.
The heavy engineering segment recorded an order inflow of Rs 567 crore during the quarter ended June 30, 2021, recording YoY growth of 19 percent with a spurt of orders in refinery and oil and gas segments. International orders constituted 52 percent of the total order inflow of the segment during the quarter.
The order book of the segment was at Rs 4,373 crore on June 30, 2021, with export orders constituting 32 percent of the total order book. The EBITDA margin of the segment at 17.9 percent for the quarter ended June 30, 2021, registered marginal growth over 17.5 percent of the corresponding quarter of the previous year.
Defence engineering segment recorded an order inflow of Rs 516 crore during the quarter ended June 30, 2021, registering substantial growth over the corresponding quarter of the previous year. The order book of the segment was at Rs 7,687 crore on June 30, 2021, with export orders constituting 9 percent.
The EBITDA margin of the segment at 20.3 percent was higher for the quarter ended June 30, 2021, as compared to 12.9 percent of the corresponding quarter of the previous year due to changes in job mix and contingency releases.
The hydrocarbon segment secured orders valued at Rs 1,002 crore during the quarter ended June 30, 2021. International order inflow constituted 80 percent of the total order inflow of the segment during the quarter. The segment order book was at Rs 40,825 crore on June 30, 2021, with the international order book constituting 36 percent. The EBITDA margin of the segment at 9.6 percent for the quarter ended June 30, 2021 registered growth over 5.3 percent of the corresponding quarter of the previous year.
The IT & Technology Services segment recorded customer revenues of Rs 7,222 crore during the quarter ended June 30, 2021, recording an industry-leading QoQ growth of 7 percent YoY growth of 20 percent, reflecting a surge in demand for technology-led offerings in the sector. Export billing constituted 93 percent of the total customer revenues of the segment for the quarter.
The EBITDA margin for the segment increased to 23.1 percent for the quarter ended June 30, 2021, as compared to 20.7 percent in the corresponding quarter of the previous year, attributed to improved manpower utilization, increased offshoring and operational efficiency.
Financial services segment recorded income from operations at Rs 3,061 crore during the quarter ended June 30, 2021, registering a YoY decline of 7 percent on account of a decline in the loan book. The operating margin of the segment for the quarter ended June 30, 2021, was higher at 8.4 percent as compared to the corresponding quarter of the previous year with higher NIM% achieved on reduced cost of borrowing.
The results came after the close of the market hours. Shares of L&T ended at Rs 1,597.85, down by Rs 14.15, or 0.88 percent on the BSE.