Larsen & Toubro Ltd.’s quarterly profit and revenue fell, and order inflows slowed, even as the nation eased the lockdown curbs.
Net profit before exceptional item fell 41.8% year-on-year to Rs 1,462.84 crore in the quarter ended September, India’s largest engineering-to-construction company said in an exchange filing. That compares with the Rs 1,234.9-crore consensus estimate of analysts tracked by Bloomberg.
Including exceptional item, the loss stands at Rs 2,322.10 crore.
L&T, in the reported quarter, posted an exceptional cost of Rs 3,732.30 crore, comprising impairment of funded exposure in the heavy forgings facility joint venture and impairment of assets in the power development business.
L&T completed the sale of its electrical and automation unit to Schneider Electric during the July-September period. It also announced a special dividend of Rs 18 apiece.
- Revenue fell 12.2% over the year ago to Rs 31,034 crore
- Operating profit fell 12% to Rs 5,318.77 crore
- Margin stood at 17.1%
The year-on-year numbers aren’t strictly comparable as last year’s figures don’t include Mindtree Ltd.’s results, which L&T acquired, and the switchgear business.