Engineering and construction major Larsen & Toubro (L&T) on Monday reported a 26 per cent rise in consolidated net profit after tax (PAT) at Rs 2,819.20 crore for the quarter ended September on the back of higher revenue from operations.
The company had posted a consolidated net PAT of Rs 2,231.33 crore in the year-ago period, L&T said in a filing to the BSE.
During a conference call, whole-time director and chief financial officer R. Shankar Raman said the combination of a stable margin on a growing revenue and good performance by other elements contributing to income have led to profit growth.
The consolidated revenue from operations increased by 22.9 per cent to Rs 42,762.61 crore from Rs 34,772.90 crore in the July-September quarter a year ago, the filing added.
The CFO further said that the company was in the process of divesting its mutual fund business from the financial services business. “We have received all regulatory clearances and we expect to complete the transaction in the current quarter,” he said.
The company recorded orders worth Rs 51,914 crore at the group level during the July-September period, registering a growth of 23 per cent over the corresponding period of the previous fiscal.
