Backed by Covid unlock, L&T's net zooms 56% in Q2
However, defence engineering segment declines 67% due to deferred awards
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Mumbai: Driven by factors like project execution momentum with easing of regional lockdowns on progressive vaccination coverage and industry leading growth in the IT&TS portfolio, the net profit of Larsen & Toubro (L&T) for the quarter ending September 30, 2021, was up by 56 per cent on year-on-year basis at Rs 1,723 crore.
The Revenues grew by 12 per cent at Rs 34,773 crore. International sales during the quarter at Rs 12,318 crore constituted 35 per cent of the total revenue. For the half-year ended September 30, 2021, the Consolidated Revenues grew by 23 per cent at Rs 64,108 crore with international revenues during the half-year at Rs 23,505 crore constituting 37 per cent of the total. The Net Profit (including exceptional items and discontinued operations) for the quarter at Rs 1,819 crore includes Rs 144 crore gain on divestment of stake in 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 Limited.
The Company bagged orders worth Rs 42,140 crore during the quarter, registering a robust growth of 50 per cent 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 per cent of the total order inflow. On a cumulative basis, the order inflow for the first half grew by 33 per cent at Rs 68,697 crore.
International orders at Rs 31,161 crore during the half-year constituted 45 per cent of the total. The consolidated order book of the group was at Rs 330,541 crore, at near record levels, with international orders having a share of 23 per cent.
Infrastructure segment secured orders of Rs 12,108 crore in Q1, registering a decline of 17 per cent. International orders at Rs 1,325 crore constituted 11 per cent of the total order inflow for the quarter. The segment order book stood at Rs 242,673 crore, with the share of international orders at 19 per cent. The segment rose by 7 per cent to Rs 13,923 crore. It was possible due to better execution momentum as workforce availability and supply chain improves post the lifting of lockdown.
