Engineering and construction major Larsen & Toubro (L&T) on Wednesday posted a 45.9 percent increase in its consolidated net profit to Rs 2,134 crore for the second quarter ended September 30, 2021.
In the corresponding quarter last year, the Mumbai-headquartered company posted a net profit of Rs 1,462.8 crore. CNBC-TV18 Poll had predicted a profit of Rs 1,985 crore for the quarter under review.
The company achieved consolidated revenues of Rs 34,773 crore for the quarter ended September 30, 2021, registering a YoY growth of 12 percent. The increase is attributed to project execution momentum with the easing of regional lockdowns on progressive vaccination coverage and industry-leading growth in the IT&TS portfolio. International sales during the quarter at Rs 12,318 crore constituted 35 percent of the total revenue.
For the half-year ended September 30, 2021, the consolidated revenues at Rs 64,108 crore recorded a YoY growth of 23 percent with international revenues during the half-year at Rs 23,505 crore constituting 37 percent of the total.
The consolidated net profit after tax (excluding exceptional items and discontinued operations) for the quarter at Rs 1,723 crore, registered a good growth of 56 percent over the corresponding quarter of the previous year.
The growth is mainly driven by higher profits in the IT&TS portfolio and improved margins from the projects & manufacturing portfolio as the pandemic induced stress in previous periods progressively wanes out.
The consolidated net profit after tax (including exceptional items and discontinued operations) for the quarter at Rs 1,819 crore includes Rs 144 crore gain on divestment of stake in the hydel power plant in Uttarakhand (a part of the Development Projects Segment) and tax expense of Rs 47 crore arising on transfer of the NxT Digital Business from the parent to Mindtree Ltd.
The company bagged orders worth Rs 42,140 crore during the quarter ended September 30, 2021, registering a robust growth of 50 percent over the corresponding period of the previous year.
Orders were received in various segments like oil & gas, metros, rural water supply, minerals and metal, public space and power transmission and distribution. The International orders at Rs 22,116 crore during the quarter comprised 52 percent of the total order inflow.
On a cumulative basis, the order inflow for the half-year ended September 30, 2021, stood at Rs 68,697 crore, registering a growth of 33 percent over the corresponding period of the previous year.
International orders at Rs 31,161 crore during the half-year constituted 45 percent of the total. The consolidated order book of the group was at Rs 330,541 crore as of September 30, 2021, at near-record levels, with international orders having a share of 23 percent.
The results came after the close of the market hours. Shares of Larsen & Toubro ended at Rs 1,782.80, down by Rs 11.65, or 0.65 percent on the BSE.
(Edited by : Jomy Jos Pullokaran)
First Published: IST