Wednesday, January 26, 2022

L&T Q3 profit up 39 per cent at Rs 972 crore

The company slashed its revenues guidance as well to 10 per cent from the 12-15 per cent that it expected to achieve.

By: ENS Economic Bureau | Mumbai |
January 29, 2017 1:35:12 am
Larsen & Toubro, L&T, L&T profits, companies, business news, indian express news The company’s net sales were up by 1 per cent y-o-y at Rs 26,290 crore during the period.

Challenges faced on execution and in new order wins led Larsen and Toubro (L&T) to revise its guidance for growth in the order inflows down to 10 per cent for the financial year 2016-2017 against a 15 per cent increase guided earlier in the year. The company slashed its revenues guidance as well to 10 per cent from the 12-15 per cent that it expected to achieve. R Shankar Raman, chief financial officer, L&T, told newspersons on Saturday, “Looking at the execution challenges on the ground, I do not expect substantial improvement in the next couple of months for these headwinds to go away.”

Given the challenges, the company’s order inflows declined by 10 per cent year-on-year to Rs 34,890 crore, while the order book grew a mere 1.4 per cent y-o-y to Rs 2.58 lakh crore. However, this beat the analysts’ expectations of a 19 per cent decline in the company’s order inflows. International order book constituted 29 per cent of the total order book.

However, on the back of a turnaround in sectors like metal and material handling and improved efficiencies, L&T posted a 39 per cent year-on-year increase in the company’s consolidated net profit to Rs 970 crore. The company’s net sales were up by 1 per cent y-o-y at Rs 26,290 crore during the period. (With FE inputs)

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