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Larsen & Toubro's Q2FY22 YoY consolidated net profit down 67%
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Conglomerate Larsen & Toubro's Q2FY22 consolidated net profit, including exceptional items and discontinued operations, fell by 67 per cent on a year-on-year basis.
The consolidated net profit (attributable to owners) for the period under review fell to Rs 1,819.45 crore from Rs 5,520.27 crore reported for the corresponding quarter of the previous fiscal.
The exceptional items and discontinued operations includes Rs 144 crore gain on divestment of stake in a hydel power plant in Uttarakhand and tax expense of Rs 47 crore arising on transfer of the 'NxT Digital Business' to Mindtree.
However, consolidated net profit excluding exceptional items and discontinued operations grew by 56 per cent to Rs 1,723 crore over the corresponding quarter of the previous year.
"The growth is mainly driven by higher profits in the IT&TS portfolio and improved margins from the projects and manufacturing portfolio as the pandemic induced stress in previous periods progressively wanes out," it said.
Besides, L&T reported a 12 per cent year-on-year rise in consolidated revenues for Q2FY22 to Rs 34,773 crore on a YoY basis.
"The increase is attributed to project execution momentum with easing of regional lockdowns on progressive vaccination coverage and industry leading growth in the IT&TS (information technology and transformation services) portfolio."
"International sales during the quarter at Rs 12,318 crore constituted 35 per cent of the total revenue.
"Furthermore, the company bagged orders worth Rs 42,140 crore during the quarter ended September 30, 2021, registering a robust growth of 50 per cent over the corresponding period of the previous year.
"Orders were received in various segments like oil and gas, metros, rural water supply, minerals and metals, public space, and power transmission and distribution. The International orders at Rs 22,116 crore during the quarter comprised 52 per cent of the total order inflow."
In addition, the conglomerate cited that its consolidated order book stood at Rs 330,541 crore as on September 30, "at near record levels, with international orders having a share of 23 per cent".
