Mumbai (Maharashtra) [India], January 25 (ANI): Infrastructure giant Larsen & Toubro on Monday reported a consolidated profit after tax for the quarter ended December 31, 2020 at Rs 2,467 crore, marking a growth of 4.9 per cent over the corresponding quarter of previous year.
This was largely attributed to higher profit from information technology and technology service segment besides the sale of commercial property in realty. The profit also included gain on divestment of Rs 209 crore from discontinued operations for the quarter ended last calander year.
The gain of divestment is towards further adjustments accrued against the sale of electrical and automation business to Schneider Electric SE and sale of the UK-based Marine Control and Automation Systems subsidiary to Rolls-Royce Power Systems AG.
The profit after tax for nine months ended December 31 is at Rs 8,290 crore.
Gross revenues of Rs 35,596 crore for the quarter ended December 31 registered a sequential growth of 15 per cent. L&T said the Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations that led to a marginal decline in revenue of 2 per cent over the corresponding quarter of previous year.
International revenue during the quarter at Rs 12,967 crore constituted 36 per cent of the total revenue. The consolidated gross revenue for the nine months period is at Rs 87,891 crore.
The consolidated order book stood at a record Rs 3.31 lakh crore as on December 31, registering a growth of 9 per cent over the March 2020 level. The international orders constitute 20 per cent of total order book.
L&T's infrastructure segment secured orders of Rs 45,574 crore during Q3 FY21, higher by 80 per cent with receipt of two marquee orders of high-speed rail.
The company said India's economy is recovering at a better-than-expected pace since the second quarter of FY21 with the government taking initiatives for enabling demand revival through significant capex ordering in infrastructure sector.
Consequently, sectors like Metros, roads and expressways, water, renewables and power transmission & distribution are witnessing increased traction as far as bidding and tendering activity is concerned. (ANI)