L&T net rises
The company posted a 15 per cent rise in consolidated net profit
- Published 23.01.20, 1:23 AM
- Updated 23.01.20, 1:23 AM
- a min read
Engineering and construction major Larsen & Toubro (L&T) on Wednesday posted a 15 per cent rise in consolidated net profit at Rs 2,560.32 crore for the December quarter of 2019, helped by higher revenues from international contracts even as it faced challenges in project execution in the domestic market.
The company had reported a consolidated profit after tax of Rs 2,218.68 crore in the same period a year ago.
Its consolidated total income during October-December increased to Rs 36,717.60 crore from Rs 34,823.08 crore in the third quarter of 2018-19.
“The revenues have increased largely on the back of orders bagged in the hydrocarbon segment in the international market. Also, the exports of our goods and services in the IT&TS (information technology and technology services) business have contributed to the rise in revenues. Infrastructure business, on the other hand, faced a lot of challenges, impacting the quarterly revenues,” group chief financial officer R. Shankar Raman told reporters.
He further said that the sector faced challenges because of the change of governments in Maharashtra and Andhra Pradesh. Besides, several PILs affected project execution. Also, the pollution in Delhi prevented construction activities for many days, resulting in a decline in revenues from the infrastructure segment, Raman said.