L&T Q3 profit rises 5% YoY to Rs 2,467 cr on record quarterly order inflow

L&T Q3 profit rises 5% YoY to Rs 2,467 cr on record quarterly order inflow
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(L&T) on Monday reported a consolidated net profit of Rs 2,466.71 crore for the October-December quarter of FY21 (Q3FY21), clocking a growth of 4.8 per cent year on year (YoY) on the back of highest-ever order inflow in a quarter.

India’s largest infrastructure, which had clocked a net profit of Rs 2,352.1 crore in the year-ago period, reported a 55.3 per cent decline in PAT on a quarterly basis from Rs 5,520.27 crore reported in Q2FY21.

The numbers were better-than-Street expectations. Analyst at Sharekhan, for instance, had expected the PAT to come around Rs 2,118 crore, while those at HDFC Securities had pegged the profit at Rs 1,980 crore.

Revenue from operations, meanwhile, came in at Rs 35,596.42 crore for the quarter under review, down 1.7 per cent from previous year revenue of Rs 36,242.7 crore. This translated into a 14.6 per cent growth in revenue on quarterly basis from Rs 31,034.7 crore clocked in Q2FY21.

“The Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations that led to a marginal decline in revenue of 2 per cent over the corresponding quarter of the previous year. International revenue during the quarter at Rs 12,967 crore constituted 36 per cent of the total revenue. The consolidated gross revenue for the nine months period is at Rs 87,891 crore,” the management said in a statement.

Order Book

During the quarter the company was awarded the biggest EPC contract in the country and first of its kind – the prestigious High Speed Rail order. With this, the Group order inflow for the quarter ended December 31, 2020 registered a strong growth of 76 per cent over the corresponding quarter of the previous year and stood at Rs 73,233 crore.

International orders during the quarter constituted 14 per cent of the total order inflow. On a cumulative basis, the order inflow for the nine months period ended December 31, 2020 stood at Rs 124,846 crore. The consolidated order book of the Group stood at a record Rs 331,061 crore as at December 31, 2020, registering a robust growth of 9 per cent over the March’20 level. The international orders constitute 20 per cent of the total order book.

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