Companies

L&T Q1 net falls 68 per cent to ₹537 cr amid Covid-19

PTI New Delhi | Updated on July 22, 2020 Published on July 22, 2020

Larsen & Toubro (L&T) on Wednesday posted 68.37 per cent decline in consolidated net profit to ₹536.88 crore for the first quarter ended June 30, 2020 mainly due to Covid-19 and resultant lockdowns. The company had clocked a consolidated net profit of ₹1,697.62 crore in the year-ago period.

Its total income fell 27.19 per cent to ₹22,037.37 crore in April-June quarter, against ₹30,270.94 crore in the year-ago period, the filing said.

Total expenses decreased to ₹21,367.63 crore during the quarter, from ₹ 27,615.71 crore in the corresponding period previous fiscal.

“The Group’s operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of Covid-19. The operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain,” the company said.

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Published on July 22, 2020
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