Engineering and construction giant Larsen & Toubro (L&T) today reported a 27.13 per cent dip in net profit to Rs 2,069.64 crore for the March quarter on slowdown in projects execution and higher expenses.
The company had clocked Rs 2,840.40 crore net profit in the January-March quarter of 2013-14.
The company’s net sales grew 3.69 per cent to Rs 28,022.62 crore during the quarter “as certain sectoral constraints slowed down the pace of execution”, it said in a statement.
Larsen & Toubro had reported Rs 27,024.14 crore revenue in the same period of the previous fiscal.
Total expenditure rose by 8.70 per cent to Rs 25,001.22 crore during the March quarter as against Rs 22,999.45 crore in the corresponding quarter of the previous fiscal.
“Consolidated Profit After Tax (PAT) for the year ended March 31, 2015 at Rs 4,765 crore was lower vis-Ã -vis PAT of Rs 4,902 crore for the previous year, mainly due to challenges faced during execution of international projects in the hydrocarbon sector,” the company said in a statement.
Infrastructure and services businesses of the group, however, recorded healthy increase in the PAT, thereby limiting y-o-y decline in overall PAT for the year at 2.8 per cent, it said adding, moreover, PAT of the previous year included a one-time write back of Rs 664 crore on account of amortisation charge of toll road projects.
It said the company recorded consolidated gross revenue of Rs 92,762 crore for the year, registering an increase of 8 per cent on a y-o-y basis over the previous year. The international revenue during the year at Rs 25,926 crore, constituted 28 per cent of the total revenue.
The company was successful in garnering fresh orders worth Rs 1,553,67 crore at consolidated level during the year ended March 31, recording an impressive y-o-y 22 per cent growth.
“The order inflow growth was driven by domestic orders across businesses. The international orders during the year at Rs 39,116 crore constituted lower share at 25 per cent of the order inflow, as the company was selective in pursuing international opportunities,” it said.
It added that 55 per cent of the total order inflow during the year was secured by the infrastructure segment, while the order intake for the quarter ended March 31, was also higher at Rs 47,582 crore recording a y-o-y growth of 39 per cent.
International order inflow during the quarter at Rs 11,364 crore constituted 24 per cent of the order inflow for the quarter.
Consolidated order book of the group stood at Rs 2,326,49 crore on March 31, higher by 28 per cent on a y-o-y basis. International order book constituted 26 per cent of the total.