L&T Q1 Results: Consolidated net profit soars 287% YoY to Rs 1,174 cr

EPC major Larsen & Toubro (L&T) on Monday reported 287% surge in consolidated net profit for June quarter at Rs 1,174 crore. It was Rs 303 crore in June 2020. 

The company reported consolidated revenue of Rs 29,335 crore for the quarter ended June 30, 2021, registering a yoy growth of 38%, attributed to healthy execution of projects despite the second wave of Covid-19 affecting operations at many locations. It was Rs 21,260 crore a year ago. Project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions, the the engineering and construction conglomerate said. 

The company bagged orders worth Rs 26,557 crore at the Group level during the quarter ended June 30, 2021 registering a growth of 13% over corresponding period of the previous year.

The consolidated order book of the group was at Rs 3.23 trillion as on June 30, 2021, with international orders at 20% of the total order book. It registered 13% growth in order inflow.

"With the waning of the second wave of the pandemic and lockdown restrictions progressively being eased in the recent weeks, signs of pick-up in economic activity is visible. Further, with expectation of a repeat normal monsoon, agriculture sector is likely to remain buoyant. The economy is expected to gain lost ground, aided by the fiscal stimulus packages announced, adoption of new Covid compatible occupational models by businesses and the vaccination efforts gathering momentum. Also, with external demand strengthening, a rebound in global trade is expected, providing fillip to the country's exports," the company said in a stock exchange filing.

On Monday, L&T's scrip on NSE closed trading 0.8% lower at Rs 1,599.