Economy

L&T Q1 revenue plunges 79% as income declines 28%

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Larsen & Toubro reported first-quarter consolidated internet revenue declined 79% to ₹303 crore from ₹1,473 crore within the year-earlier interval primarily on decrease income, ₹500 crore credit score provisions in monetary companies enterprise and under-recovery of overheads.

“The company earned a total profit after tax (PAT) of ₹544 crore of which allocation to non-controlling interest is ₹241 crore.

“The consolidated PAT attributable to shareholders of the company, including profit from discontinued business, is ₹303 crore, reflecting a decline of 79% vis-a-vis PAT of ₹1,473 crore for the corresponding quarter of the previous year,” the agency mentioned in a submitting with the inventory exchanges.

Gross income declined 28% year-on-year to ₹21,260 crore. The agency bagged orders price ₹23,574 crore on the group stage, registering a decline of 39%.

“It was a very unusual quarter,” mentioned R. Shankar Raman, CFO, L&T.

Hit by lockdown

“Revenue was impacted by the nationwide lockdown, resulting in halting of manufacturing and construction activities, non-availability of labour and disruptions to the supply chain ecosystem. Since the company lost significant revenue during the quarter, margin was not available,” he mentioned.

L&T CEO and MD S.N. Subrahmanyan mentioned the corporate had accomplished nicely below the present circumstances and operation-wise, normalcy could be achieved within the subsequent 45 to 60 days as employees had began reporting at websites.

“We are fairly optimistic that the domestic sector would pick up and we will get more orders in the coming two quarters,” he mentioned declining to provide any steerage as a result of uncertainties.

The consolidated order ebook of the group stood at ₹3,05,083 crore with the worldwide order ebook constituting 24%.

About 65% of the brand new tasks got here within the infrastructure phase that secured orders price ₹11,349 crore, down 32%.

IT & Technology Services phase’s income stood at ₹6,028 crore, clocking a development of 58%. The development was led by consolidation of Mindtree.

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