Engineering major Larsen & Toubro (L&T) on Saturday reported a surge of 38.85 per cent in its consolidated net profit for the third quarter (Q3) of 2016-17.
According to the company, the consolidated net profit grew to Rs 972.47 crore in the quarter ended December 31, 2016 as compared to Rs 700.34 crore in the same period last year.
The company's consolidated total income from operations (net) inched up by 1.38 per cent to Rs 26,286.98 crore.
On a standalone basis, the company's net profit rose 16.59 per cent to Rs 934.18 crore from Rs 801.27 crore.
The company's standalone total income from operations rose by 0.49 per cent to Rs 15,946.20 crore during the quarter under review.
"The company garnered fresh orders worth Rs 34,885 crore at the group level during the
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quarter ended December 31, 2016, amid subdued business environment," L&T said in a statement.
"The international orders at Rs 11,865 crore constituted 34% of the total order inflow."
The company in its outlook elaborated: "Domestic growth appears to take longer time as investment momentum remains weak and the banking system is burdened by debt overhang."
"Government's initiatives to curb the parallel economy and make a transition to cashless economy has caused disruption whose impact on the business sentiment is yet to be conclusively assessed."
"The challenging business conditions are expected to continue in the next few quarters until the government moves to lift growth thru' infra spend and tax reforms take effect."
The company is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $16 billion in revenue. It operates in over 30 countries worldwide.
--IANS
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