Larsen & Toubro Ltd.’s first-quarter profit halved as the pandemic-led lockdown disrupted construction activity across the country.
Net profit of India’s largest engineering-to-construction company decreased 50.4% quarter-on-quarter to Rs 1,556.2 crore in the three months through June, it said in its exchange filing. That compares with the Bloomberg consensus estimate of Rs 1,503.4 crore.
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Revenue fell 39% over the preceding quarter to Rs 29,334.7 crore, compared with the consensus estimate of Rs 48,602 crore.
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Operating profit fell 50.4% to Rs 3,171.5 crore. Analysts polled by Bloomberg were expecting Rs 3,325.2 crore.
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Operating margin fell to 10.8% compared with 13.2% sequentially.
On a year-year on basis, revenue rose 38%, Ebitda increased 95.7% while profit rose 413.4%. That came as the government had imposed a complete national lockdown in April-May 2020, impacting business severely a year earlier.
For the quarter ended June 2021, the company received fresh orders worth Rs 26,557 crore—which were lower than a quarter ago. Consolidated order book stood at Rs 3,23,721 crore, with international orders comprising 20% of the order book.
L&T Q1 Results: Profit Falls By Half As Lockdowns Stall Construction - BloombergQuint
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