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    L&T Q3 net profit jumps 15.2% YoY to Rs 2,352.1 crore, misses estimates

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    L&T Q3 net profit jumps 15.2% YoY to Rs 2,352.1 crore, misses estimates

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    The consolidated order book of the group stood at Rs 306,280 crore as on December 31, 2019, registering a reasonably high growth of 5 percent over March 2019. International orders constitute 24 percent of the total order book.

    Engineering giant Larsen & Toubro (L&T) on Wednesday reported a 15.2 percent year-on-year (YoY) jump in consolidated net profit at Rs 2,352.1 crore for the third quarter ended December 31.
    In the corresponding quarter last year, the company posted a net profit of Rs 2,041.62 crore. CNBC-TV18 Polls had predicted a profit of Rs 2,365 crore for the quarter under review.
    The company recorded consolidated gross revenue of Rs 36,243 crore from continuing operations for the quarter ended December 31, 2019, achieving YoY growth of 6 percent. The international revenue during the quarter at Rs 12,871 crore constituted 36 percent of the total revenue.
    The consolidated order book of the group stood at Rs 306,280 crore as on December 31, 2019, registering a reasonably high growth of 5 percent over March 2019. International orders constitute 24 percent of the total order book.
    Infrastructure Segment
    This segment secured orders of Rs 28,115 crore, during the quarter ended December 31, 2019, registering a growth of 28 percent compared to the previous year. The order book of the segment stood at Rs 223,695 crore as of December 31, 2019, with the international order book constituting 20 percent of the total.
    The EBITDA margin of the segment during the quarter ended December 31, 2019 was 6.1 percent against 5.4 percent recorded in the corresponding quarter of the previous year, largely due to realisation of some variation claims and better job mix.
    Power Segment
    This segment secured orders of Rs 816 crore for the quarter ended December 31, 2019, on receipt of an order for Flue Gas Desulphurisation (FGD).
    The order book of the segment grew to Rs 16,387 crore as of December 31, 2019, with receipt of a major thermal power plant order and a slew of FGD orders during the year. The international order book constitutes 7 percent of the total.
    The segment EBITDA margin for the quarter ended December 31, 2019, was at 3.4 percent, higher as compared to 2.9 percent recorded in the corresponding quarter of the previous year.
    Heavy Engineering Segment
    This segment secured orders valued at Rs 497 crore during the quarter ended December 31, 2019, representing a decline of 10 percent YoY mainly due to
    deferment of orders. International orders constituted 47 percent of the total order inflow of the segment during the quarter.
    The order book of the segment stood at Rs 3,788 crore as of December 31, 2019, with 55 percent being international.
    Defence Engineering Segment
    This segment received orders of Rs 168 crore during the quarter ended December 31, 2019, representing a decline of 66 percent over the corresponding quarter of the previous year. International orders constituted 45 percent of the total order inflow of the segment. The order book of the segment stood at Rs 9,666 crore as on December 31, 2019, with the international order book constituting 18 percent of the total.
    The EBITDA margin of the segment at 20.5 percent was higher for the quarter ended December 31, 2019, as compared to the corresponding quarter of the previous year at 9.0 percent, with operational efficiencies and better project mix.
    Hydrocarbon Segment
    This segment recorded customer revenue of Rs 4,386 crore during the quarter ended December 31, 2019, registering a robust YoY growth of 17 percent on the back of strong execution momentum in onshore vertical. International revenue constituted 51 percent of the total customer revenue of the segment for the quarter ended December 31, 2019. The segment recorded an improvement in the EBITDA margin to 12.1 percent for the quarter ended December 31, 2019 as compared to the corresponding quarter of the previous year at 8.2 percent, on back of execution efficiencies and claim realisation.
    The segment, however, did not secure any major order during the quarter ended December 31, 2019. The segment has a healthy order book of Rs 46,441 crore as on December 31, 2019, with international orders comprising 49 percent.
    Shares of Larsen & Toubro ended at Rs 1,294.25, down Rs 8.35, or 0.64 percent on the BSE.
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