Larsen & Toubro (L&T) on Friday reported a decline of 17 per cent in its consolidated net profit at Rs 2,055 crore for the quarter ending December 31, 2021. The company had posted a net profit of Rs 2,467 crore in the year-ago period.
The company’s revenues increased 11 per cent to Rs 39,563 crore during the quarter in review as compared to Rs 35,596 crore in the same quarter last fiscal.
The increase in the revenue reflects an improving project execution momentum and robust growth in the IT&TS portfolio. International sales during the quarter at Rs 14,541 crore constituted 37 per cent of the total revenue, the company said in a regulatory filing.
During the quarter, the company bagged orders worth Rs 50,359 crore, registering a decline of 31% over the corresponding period of the previous 2 years, since the previous year had the benefit of the company securing the biggest ever EPC contract for Mumbai Ahmedabad High Speed Rail in the Infrastructure segment.
Further, the company also stated that during the quarter, orders were received in various businesses viz Hydrocarbon Offshore, Metros, Rural Water Supply, Minerals and Metal, Public Space, Health Infrastructure and Power Transmission and Distribution.
The International orders at Rs 20,521 crore during the quarter comprised 41 per cent of the total order inflow, with receipt of large value international orders in Hydrocarbon Offshore.
On a cumulative basis, the order inflow for the nine-month ended December 31, 2021 stood at Rs 119,056 crore, registering decline of 5 per cent over the corresponding period of the previous year. International orders at Rs 51,683 crore during the nine-month period constituted 43 per cent of the total.
The consolidated order book of the group was at Rs 340,365 crore as on December 31, 2021, at record levels, with international orders having a share of 24 per cent.