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L&T Q3 Results: Revenue up 11% to Rs 39,653 crore, net profit drops 17% to Rs 2,055 crore; outlook optimistic

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L&T Q3 Results: Revenue up 11% to Rs 39,653 crore, net profit drops 17% to Rs 2,055 crore; outlook optimistic

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L&T said it bagged orders worth Rs 50,359 crore during the latest quarter, a YoY decline of 31 percent. The company attributed the decline to the fact that in Q3FY21, the company secured "the biggest ever EPC contract for Mumbai Ahmedabad High Speed Rail in the Infrastructure segment"

L&T Q3 Results: Revenue up 11% to Rs 39,653 crore, net profit drops 17% to Rs 2,055 crore; outlook optimistic
Larsen & Toubro Limited today reported consolidated revenues of Rs 39,563 crore for the quarter ended December 31, 2021, registering a year-on-year growth of 11 percent. In its quarterly earnings report, L&T said the increase "reflects an improving project execution momentum and robust growth in the IT&TS portfolio". International sales during the quarter atRs 14,541 crore constituted 37 percent of the total revenue, the company said.
As per the quarterly report, L&T's consolidated Net Profit After Tax (PAT) for the reporting quarter was at Rs 2,055 crore, a decline of  17 percent from the corresponding quarter of the previous year, which the company said "had an instance of a sale of commercial property in realty business and gain on divestment from discontinued operations of the Electrical & Automation business".
L&T said it bagged orders worth Rs 50,359 crore during the latest quarter, a YoY decline of 31 percent. The company attributed the decline to the fact that in Q3FY21, the company secured "the biggest ever EPC contract for Mumbai Ahmedabad High Speed Rail in the Infrastructure segment". Further, the cumulative order inflow for the nine months so far this fiscal stood at Rs 119,056 crore, the company said--a YoY decline of 5 percent. International orders (Rs 51,683 crore) constituted 43% of the orders in these nine months, L&T said. 

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For the nine month ended December 31, 2021, the Consolidated Revenues at ₹ 103,671 crore recorded a y-o-y growth of 18% with international revenues during the nine month period at ₹ 38,045 crore constituting 37% of the total. The company said its consolidated order book was at a record Rs 3,40,365 crore as on December 31, 2021.
In its segment-wise report, L&T said Infrastructure grew 16 percent YoY, Power grew 19 percent YoY, Engineering declined 7 percent YoY, Defence Engineering tanked 23 percent YoY, Hydrocarbon grew 11 percent YoY, IT and Technology Services grew 7 percent QoQ and 29 percent YoY; Financial Services loan book decreased to Rs 85,552 crore as against Rs 1,00,099 crore in Q3FY21; .Developmental Projects grew 20 percent YoY; 'Others' (Realty, Construction & Mining Machinery, Rubber Processing Machinery, Industrial Valves, Smart World and Communication businesses and the recently launched EduTech digital services business) grew 27 percent YoY.
As to its outlook,  L&T said, "Against the backdrop of the current economic environment, the company continues its planned path of winning targeted orders, focus on profitable execution of its large order book, leverage the strong growth momentum in its IT & TS portfolio and along with many other value enhancing measures, is committed to create sustainable long term returns to its stakeholders."
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