Larsen & Toubro Net profit beats estimates in Q3, order book climbs 76 pc

Engineering and construction major Larsen & Toubro Ltd (L&T) on Monday posted a 3 per cent increase in consolidated net profit to Rs 2,648.33 crore for the quarter ended in December 2020.

 The company had clocked a net profit after tax and share in profit/(loss) of joint ventures/associates from continuing operations before exceptional items of Rs 2,560.32 crore in the year-ago period, it said in a regulatory filing. The increase in profit is largely attributed to higher profit from IT & ITES segment and sale of commercial property in Realty. the company said in a statement.

Profit after tax (PAT) also includes gain on divestment of Rs 209 crore from discontinued operations for the quarter ended December 31, 2020. Its consolidated order book touched an all-time high of Rs 3.31 lakh crore after the company bagged the largest ever engineering, procurement, and construction order in the country. Two marquee orders for high-speed rail helped the order wins in the infrastructure segment swell to 455.74 bln rupees during the December quarter, up 80% on year. Total consolidated income was almost flat at Rs 36,661.08 crore in the October-December quarter, against Rs 36,711.69 crore in the year-ago period.

Shares of Larsen and Toubro on Monday closed at Rs, 3887 per share, down by 1.08 percent from the previous closing on the NSE.

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