L&T revenues total Rs 29,636 crore in Q1, profit at Rs 1,361 crore

Last Updated: Wed, Jul 24, 2019 12:13 hrs
A man waits at a bus-stop with an advertisement of Larsen & Toubro outside the company's manufacturing unit in Mumbai

Mumbai (Maharashtra): Larsen & Toubro said on Tuesday it recorded consolidated gross revenue of Rs 29,636 crore from continuing operations for the quarter ended June 30, achieving a year-on-year growth of 10 per cent.

The international revenue during the quarter at Rs 9,268 crore constituted 31 per cent of the total revenue. Consolidated profit after tax was at Rs 1,361 crore, marking a growth of 20.5 per cent from Rs 1,129 crore in the corresponding quarter of previous year.

The overall PAT including the PAT from discontinued operations grew by 21.2 per cent to 1,473 crore vis-a-vis Rs 1,215 crore for the corresponding quarter of previous year.

The company won new orders worth Rs 38,700 crore at the group level during the quarter, registering a growth of 11 per cent. International orders during the year at Rs 9,005 crore constituted 23 per cent of total order inflow.

Order wins in infrastructure and power segments were major contributors to the order inflow. While orders from the central and state governments were affected during the general elections, strong PSU and private sector orders enabled growth for the quarter, the company said in a statement.

The consolidated order book of the group stood at Rs 294,014 crore as on June 30 with international order book constituting 21 per cent of the total order book.

L&T said the conclusion of general elections has led to a pro-incumbency mandate received by the government and created an environment of political stability which bodes well for policy continuity, fiscal rectitude and focus on infrastructure build-out.

The focus on resource augmentation in the Union Budget is expected to enable the government to channelise spending on infrastructure development, rural electrification, airports, railroads, water supply and irrigation -- all of which is likely to provide a fillip to the investment momentum in domestic markets.

"The company looks forward to a period of increased investment momentum and continued growth. Initiatives towards improved productivity, cost efficiencies derived from leveraging digital technology, capacity utilisation and capability enhancement are expected to help the company maximise its shareholder returns on a sustainable basis," it said.