NEW DELHI: On the back of strong order flow from hydrocarbon and IT services segment, engineering and capital goods major Larsen and Toubro (L&T) has posted a 56% year-on-year increase in net profit (excluding exceptional items) in the second quarter of the current financial year.
The company posted a consolidated net profit (excluding exceptional items) of Rs 1,723 crore, up 56% from Rs 1,110 crore in the corresponding quarter last year. The consolidated revenues of Rs 34,773 crore for the September quarter was 12% higher than during the same quarter last year.
According to the company, the increase in revenue is due to project execution momentum with easing of regional lockdowns on progressive vaccination coverage and industry leading growth in the IT&TS portfolio.
International sales during the quarter at Rs 12,318 crore constituted 35% of the total revenue. The company bagged orders worth Rs 42,140 crore during the quarter, registering a 50% year-on-year growth. The international orders at Rs 22,116 crore accounted for 52% of the total order inflow during the quarter.
The consolidated order book of the group was at Rs 330,541 crore as on 30 September 2021, with international orders having a share of 23%. The hydrocarbon business secured the highest orders valued at Rs 14,503 crore, followed by the infrastructure segment with orders worth Rs 12,108 crore. The infrastructure segment, though, recorded a 17% decline in the order inflow during the quarter.