Home/ Companies / Company Results/  L&T: Revival still a work in progress

Larsen and Toubro Ltd (L&T), the country’s largest infrastructure and construction conglomerate, said it expects the pandemic to cast a long shadow on its business.

After reporting a 12% drop in revenue to 31,000 crore in the fiscal second quarter, L&T shied away from giving a definite outlook for the year. Its senior management said it is still playing catch-up with last year’s numbers.

“The second quarter has been a road to revival from the depths of Q1," R. Shankar Raman, whole-time director and chief financial officer of L&T, said. “With the lingering effects of covid, the turnaround in fortune of companies is still a work in progress. Q2 has been a sequentially strong quarter, and though we don’t make quarter-to-quarter comparisons, given the exceptional times, this is a benchmark for progress."

L&T posted a consolidated net profit of 5,520 crore, more than double the 2,527 crore it posted a year ago. However, a 8,101 crore one-time gain it made from the sale of its automation business to Schneider Electric masks a 45% fall in net profit excluding the gain.

L&T won new orders worth 28,039 crore at the group level, a 42% drop from a year ago.

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Updated: 29 Oct 2020, 05:48 AM IST
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