L&T net rises 36% to Rs. 1,215 cr. as infrastructure spurs growth

Engineering and construction major Larsen & Toubro (L&T) reported a 36% jump in first-quarter net profit to Rs. 1,215 crore as a strong showing by the infrastructure business powered growth.

Revenue in the three months ended June grew 18% to Rs. 28,283 crore on the back of a pick up in execution momentum in project businesses and robust growth in services vertical.

International revenue during the quarter stood at Rs. 9,669 crore, accounting for 34% of the total revenue, in line with previous year, the company said in a statement. Infrastructure, hydrocarbon and heavy engineering businesses aided the company in registering 37% growth in new order wins worth Rs. 36,142 crore, reflecting a pick up in domestic ordering activity during the quarter. International orders at Rs. 9,404 crore constituted 26% of the total order inflow.

L&T’s consolidated order book stood at Rs. 2,71,732 crore as on June 30 and international orders accounted for 23% of the total order book.

Power segment hit

All the business segments performed well except power, as the unit saw a muted order inflow of Rs. 108 crore.

Revenue from the segment fell 39% to Rs. 1,080 crore during the quarter due to over capacity and aggressive competition in the sector. “The segment continues to face business headwinds with intense competition bidding for the limited opportunities on offer in a challenging environment,” Larsen said in the statement.

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