The engineering and construction major's consolidated net profit soared 141.2% to Rs 1,556.18 crore on a 38% jump in revenue from operations to Rs 29,334.73 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Consolidated profit before tax surged 166.6% to Rs 2,274.62 crore in Q1 FY22 as against Rs 853.07 crore in Q1 FY21. The company achieved robust revenues on the back of healthy execution of projects despite the second wave of COVID-19 affecting operations at many locations. The project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions. The International revenues during the quarter stood at Rs 11,186 crore constituted 38% of the total revenue. The Q1 earnings was declared after trading hours yesterday, 26 July 2021.
Larsen & Toubro (L&T) bagged orders worth Rs 26,557 crore at the Group level during the quarter ended 30 June 2021, registering a growth of 13% over corresponding period of the previous year. International orders were at Rs 9,045 crore during the quarter comprising 34% of the total order inflow. The consolidated order book of the group was stood at Rs 3,23,721 crore as on 30 June 2021, with international orders at 20% of the total order book.
In its outlook, the firm stated that: "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. Globally, Government stimulus packages are helping to boost demand and businesses are adapting better to the emerging physical and economic realities. The recovery however may remain uneven as the global economy continues to be vulnerable to future setbacks due to mutated variants and waves of the COVID-19 virus as evidenced by reintroduction of lockdown restrictions by some countries while others are engaged in progressive unlocking. The company's focus continues to be on efficient execution of its large order book, working capital reduction, cost optimization through use of digital technologies aimed at operational efficiencies and driving an agile balance sheet."
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 30 countries worldwide.
Shares of Larsen & Toubro (L&T) lost 0.49% to Rs 1,590 on BSE. It traded in the range of Rs 1,584.40 and Rs 1,618.15 during the day.
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