L&T Q4 consolidated net profit down 4%; FY’20 profit rises 6% at Rs 10,240 cr

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Engineering and construction major Larsen & Toubro on Friday said it has secured a large contract from the government of Telangana for an irrigation project.
Engineering and construction major

New Delhi, Jun 5 (PTI) Engineering major Larsen & Toubro (L&T) on Friday posted a 4.36 per cent drop in its consolidated net profit at Rs 3,430 crore for the January-March quarter of FY20.

However, the company saw its consolidated net profit for the full 2019-20 fiscal rise by 6.14 per cent to Rs 10,239.71 crore.

Its consolidated total income during January-March was up at Rs 44,905.76 crore, against Rs 43,914.37 crore in the year-ago period, the company said in a BSE filing.

Total expenses increased to Rs 40,656.02 crore during the quarter under review as against Rs 38,966.27 crore in the corresponding period of the previous fiscal.

For the fiscal (2019-20), the company recorded a consolidated gross revenue of Rs 145,452 crore from continuing operations, achieving y-o-y growth of 8 per cent.

International revenue during the year stood at Rs 48,467 crore, which constituted 33 per cent of the total revenue.

During the March quarter, the company declared interim dividend Rs 10 per equity share.

Against the backdrop of domestic challenges and global volatility and the uncertainty about timelines by which normalcy will be restored, the company said it has taken a number of measures designed to weather the economic crisis.

These measures include building sufficient liquidity on the balance sheet, adapting business models to incorporate work-at-home practices wherever feasible, optimising digital initiatives, sharply focusing on all items of costs to maximise economic benefits, taking care of the large sub-contracted labour force at work sites, it said.

While the initial quarters of FY 2020-21 are expected to be adversely affected by the current upheaval, the company said said it expects growth revival in the later part of the financial year assuming things get better from here.

“The lockdown imposed towards the end of FY 2019-20, in an attempt to prevent community transmission of the virus, has unfortunately led to both demand and supply shocks to the economy. Even though the Government has announced a wide ranging raft of stimulus measures designed to alleviate stress in various sectors, it is likely that economic growth will still take a few quarters more to revive to healthy levels,” the company said.

The Indian economy has been struck by the coronavirus pandemic at a time when some green shoots of economic recovery were being forecasted after a prolonged bout of growth slowdown, the engineering ad construction giant said.

The company said it bagged a spate of orders worth Rs 186,356 crore at the group level during the year ended March 31, 2020, registering growth of 9 per cent compared to the previous year even in the face of subdued business environment and economic challenges.

It said the order inflow for the quarter ended March 31, 2020 stood at Rs 57,785 crore, registering a growth of 5 per cent over the corresponding period of the previous year, with significant orders received in infrastructure segment.

The consolidated order book of the group stood at Rs 3,03,857 crore as at March 31, 2020, registering a growth of 4 per cent over March, 2019. International orders constitute 25 per cent of the total Order Book.

It said its infrastructure segment secured orders of Rs 102,678 crore, during the year ended March 31, 2020, registering growth of 7 per cent compared to previous year.

International orders at Rs 29,509 crore constituted 29 per cent of the total order inflow of the segment during the year, with noteworthy order wins in Africa and Middle East, it said.

The order book of the segment stood at Rs 224,467 crore as at March 31, 2020, with the international order book constituting 21 per cent of the total order book, it said.

Power segment secured orders of Rs 12,048 crore for the year ended March 31, 2020.

About IT & Technology Services (IT&TS) segment, it said due to consolidation of Mindtree Limited from second quarter of FY 2019-20, the resultant figures for the current periods are not comparable.

It said the segment achieved customer revenue of Rs 22,135 crore during the year ended March 31, 2020 including Mindtree revenue consolidation of Rs 5,915 crore.

Source:PTI

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