Companies

L&T net dips 62% to ₹2,232 cr in Q2

Our Bureau Mumbai | Updated on October 27, 2021

Larsen & Toubroposted 62 per cent dip in September quarter net profit to ₹2,232 crore against ₹5,824 crore in the same period last year, largely due to higher base.

The company registered a one-time net income of ₹8,146 crore from discontinued operations last year.

The net profit before exceptional items and discontinued operations was up 51 per cent at ₹2,135 crore (₹1,410 crore) as project execution gained momentum with the easing of regional lockdowns on progressive vaccination coverage and industry leading growth in the IT&TS portfolio.

Revenue from operations was up 12 per cent at ₹34,773 crore (₹31,073 crore) while operational expenses increased 10 per cent to ₹32,286 crore (₹29,445 crore) due to higher sub-contracting charges and increase in construction material cost.

The company gained ₹144 crore from divestment of stake in hydel power plant in Uttarakhand and incurred tax expense of ₹47 crore on transfer of the NxT Digital Business from the parent to Mindtree Ltd.

Steady orders

The company bagged orders worth ₹42,140 crore, up 50 per cent over last year. The international orders at ₹22,116 crore accounted for 52 per cent of the total order inflow.

The consolidated order book of the Group was at a record ₹330,541 crore, with international orders accounting for 23 per cent.

Orders bagged by the infrastructure segment was down 17 per cent at ₹12,108 crore over same period last year. The segment’s order book stood at ₹242,673 crore. Revenue from the segment was up seven per cent at ₹13,923 crore on better execution of projects, post easing of lockdown.

The power segment revenue increased 62 per cent to ₹1,114 crore even as EBITDA margin dipped to 2.7 per cent (3.1 per cent), primarily due to an unfavourable job mix.

The hydrocarbon segment secured ₹14,503-crore order in the quarter and registered 20 per cent growth in revenue at ₹4,867 crore with peaking of execution activities in the onshore vertical.

Published on October 27, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like