Mumbai: Engineering giant Larsen & Toubro (L&T) has posted a consolidated net profit of Rs.3,926 crore for the second quarter, a 16% year-on-year rise from Rs.3,395 crore profit from the corresponding quarter last year. This has corresponded to an increase in revenues from Rs.61,555 crore last year to Rs.67,984 crore this year.
The company has received a total of Rs.1,15,784 crore orders at the group level, a 45% year-on-year growth from across its business verticals. International orders have risen to Rs.75,561 crore, almost 65% of the total order pie.
The company’s strong performance has been powered by large contracts it has won for building commercial buildings, hydel and tunnel constructions, data centers metro systems and both offshore and onshore oil rigs. In the renewables space, the company is set to play a major role in Dutch-German transmission systems operator TenneT’s high voltage direct current (HVDC) offshore wind program, it said in a press release on October 30.
“Our ability to repeatedly secure large orders, across segments and geographies is a true testimony to the company’s leadership position in the EPC domain. The consistent execution across a diverse portfolio highlights our strength in effectively navigating local / global challenges.”
“We continue to witness higher capex spends, in both our primary geographies of India and the Middle East, and remain fairly optimistic about order prospects,” Chairman and Managing Director S N Subrahmanyan said in a post-earnings call.
“We find that both private sector capital as well as infrastructure investments have shown an uptick. We do believe that the trend would continue going forward,” L&T’s finance chief R Shankar Raman added.
