Larsen & Toubro reports consolidated net profit of Rs 2,131 crore in Q2

Larsen & Toubro (L&T) on Saturday reported 26% increase in its consolidated net profit for the quarter ended September 30, 2017. 

L&T in its report mentioned that overall consolidated net profit before loss of joint ventures or associates stood at Rs 2,131.04 crore - higher by 26.18% compared to Rs 1,688.84 crore in the corresponding quarter of the previous year. 

For the half-year ended September 30, 2017 - overall PAT stood at Rs 2,712 crore registering increase of 33% over Rs 2,044 crore a year ago same period.

Consolidated gross revenue stood at Rs 26,447 crore up 6% on year-on-year (YoY) basis. International revenue in this period stood at Rs 9,517 crore - accounting 36% of the total revenue. 

1HFY18, the consolidated gross revenue was at Rs 50,437 crore recording 8% increase on yoy basis. 

In its financial audit, L&T secured orders worth Rs 28,732 crore at the group level during the quarter amidst subdued business environment, policy uncertainties and delayed implementation.  

On cumulative basis, the order inflow for the 1HFY18 came in at Rs 55,084 crore - from which major orders received were in infrastructure and hydrocarbon segments. 

L&T said, "The government's determined efforts to revive the investment sentiment while undertaking impactful economic reforms have expectedly caused transition challenges. While the potential for investment in growth remains compelling, the readjustment to the continuing impact of currency purge and the accelerated implementation of GST has upset business environment and tripped growth in an economy already beset with twin challenges of attracting investments and adhering to fiscal rectitude."

It added,."The company expects that the various reforms and economic measures over the past year would take some more time to stoke growth. Focus for the company continues to remain on improvement of return on equity through reduction of working capital and higher operational efficiencies."

A day before the Q2FY18 result announcement, the share price of L&T ended at Rs 1,264.05 per piece higher by Rs 47 or 3.90% on BSE.