Larsen & Toubro (L&T) on Monday reported a 23 per cent year-on-year (YoY) rise in consolidated net profit at Rs 2,228.97 crore, for the September quarter thanks to strong show at IT & Technology Services (IT&TS) and Financial Services businesses.
The company had reported a profit of Rs 1,819.45 crore in the corresponding quarter last year.
Consolidated revenues for the quarter came in at Rs 42,763 crore up 23 per cent YoY, thanks to execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT&TS portfolio, the company said in a BSE filing.
International revenues for the quarter came in at Rs 15,473 crore and accounted for 36 per cent of L&T’s total revenue.
Larsen & Toubro said it recorded orders worth Rs 51,914 crore at the group level for the quarter ended September 30, up 23 per cent YoY. The orders received during the quarter were across multiple segments like Public Spaces, Nuclear Power, Irrigation, Ferrous Metal, Health, Renewables and Refinery sectors.
International orders at Rs 17,341 crore during the quarter comprised of 33 per cent of the total order inflow.
“The company’s Projects & Hi-Tech Manufacturing businesses are rightly positioned to leverage the India and Middle East capex opportunity and with tech-enabled skill sets and offerings, the IT&TS business will continue to pursue growth in the global services domain,” the company said in the exchange filing.
“The company’s strategy of focusing on Projects, Hi-Tech Manufacturing and IT&TS services in a rapidly changing global business environment is expected to provide improved returns to all its stakeholders,” it said.
L&T said the robust tax collections this year will enable the government to sustain budgeted investment programmes. “Another silver lining is the visibility of a continuing domestic consumption demand, that augurs well for new investments,” it said.