L&T: Revival still a work in progress
1 min read 29 Oct 2020, 05:45 AM ISTAfter 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
PremiumLarsen 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.
