Larsen & Toubro rose 2.47% to Rs 1326.20 after consolidated net profit rose 15.2% to Rs 2352.12 crore in Q3 December 2019 from Rs 2041.62 crore in Q3 December 2018.
Profit before tax (PBT) of the construction company stood at Rs 3414.57 crore in Q3 December 2019 (Q3FY20), down by 3.7% from Rs 3544.82 crore in Q3 December 2018 (Q3FY19).
Net sales rose by 5.9% to Rs 36,242.68 crore in Q3FY20 as compared to Rs 34,233.96 crore in Q3FY19. Tax outgo stood at Rs 815.18 crore in Q3FY20, down by 31.1% from Rs 1182.80 crore in Q3FY19.
L&T's international revenue during the quarter at 12,871 crore constituted 36% of the total revenue.
The company successfully won new orders worth Rs 41,579 crore at the group level during the quarter ended 31 December 2019, amid subdued business environment. International orders during the quarter at Rs 17,901 crore increased to 43% of the total order inflow, on large value order wins in power transmission a distribution and metallurgical and material handling business.
The consolidated order book of the group stood at Rs 306,280 crore as at 31 December 2019, registering a reasonably high growth of 5% over March 2019. International orders constitute 24% of the total order book.
Infrastructure segment secured orders worth Rs 28,115 crore, up 28% on a yearly basis.
The power segment secured orders of Rs 816 crore. The heavy engineering segment got orders worth Rs 497 crore, a 10% fall, mainly due to deferment of orders.
The defence engineering segment received orders worth Rs 168 crore. Hydrocarbon segment recorded customer revenue of Rs 4,386 crore during the quarter.
Financial services segment recorded customer revenue of Rs 3,550 crore. IT & Technology Services achieved customer revenue of Rs 6,090 crore during the quarter.
In its outlook, L&T said that the Indian economy has, over the last few quarters, been exhibiting signs of lacklustre growth in the backdrop of slowdown in consumption, lower tax collections, fiscal slippages in State and Central Government, muted private investment and a prolonged bout of tight credit conditions.
The company said it is able to tide over the challenging environment with its strong Balance Sheet, diversified portfolio and robust order book which act as a bulwark against short term economic cyclicality. The company's proven execution leadership, ability to embrace new age digital technologies, strong talent pool, financial discipline and professional process-driven strategies places it in an advantageous position to effectively capture opportunities as and when they emerge. The company continues to focus on cost efficiencies, resource optimisation, leveraging technology for productivity gains and efficient fund management with the ultimate aim of delivering shareholder value through superior return on equity.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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