MUMBAI: Driven by a strong order momentum across a broad spectrum of businesses, engineering and construction major Larsen & Toubro had reported a 16 percent increase in its net profit at Rs 3,926 crore for the three months period ending September, from Rs 3,395.3 crore a year ago. The numbers missed the street expectations.
The Mumbai headquartered company said during the reporting quarter it has received orders worth Rs 1.15 trillion, 65 percent them from international customers. This is a 45 percent on-year growth.
Revenue from operations rose 10 percent to Rs 67,984 crore as against Rs 61,555 crore a year ago, the company said in a filing to exchanges on Wednesday.
"On a quarterly basis, orders worth Rs 1,15,784 crore were received at the group level during the quarter, registering an on-year growth of 45 percent. This was aided by a strong order momentum across a broad spectrum of businesses.
The quarter saw order wins in businesses such as public spaces, data centres, commercial buildings, metros, hydel & tunnels, transmission & distribution, renewables, and both offshore and onshore businesses in the hydrocarbon sector. International orders stood at Rs 75,561 crore, accounting for 65 percent of the total order inflow," said L&T.
“The company has reported a well-rounded financial performance across all parameters. Our ability to repeatedly secure large orders, across segments and geographies is a testimony to our leadership position in the EPC domain. The consistent execution across a diverse portfolio highlights our strength in effectively navigating local/global challenges.
We continue to witness higher capex spends, in both our primary geographies of India and the Middle East, and remain fairly optimistic about order prospects," said SN Subrahmanyan, chairman and managing director.
The extended monsoons has dampened the revenue growth for infrastructure projects segment, he added.