JOIN USL&T net dips 15% at Rs 1,060 cr as core biz slumps
Engineering giant Larsen & Toubro (L&T) has reported a 14.58 per cent decline in standalone net profit for the third quarter ended December 31, 2014, at Rs 1,059.8 crore compared with Rs 1,240.7 crore in the same period, last fiscal.
Total income for the company during the quarter increased 5.37 per cent to Rs 15,616.91 crore from Rs 14,820.4 crore for the quarter ended December 31, 2013.
On a consolidated basis, the company posted an 8.77 per cent increase in net profit for the quarter at Rs 866.54 crore for the quarter ended December 31, 2014 as compared with Rs 796.66 crore for the quarter ended December 31, 2013. Total consolidated income increased 9.82 per cent to Rs 24,082.58 crore for the third quarter of the current fiscal compared with Rs 21,928.27 crore for the comparable quarter in the previous fiscal.
The company revised its order book growth for the current fiscal ending March 31 to 15-20 per cent from 20 per cent earlier. However, the company maintained its revenue growth guidance.
“We are working hard to maintain the consolidated revenue growth guidance of 10-15 per cent for the year,” L&T chief financial officer R Shankar Raman said.
L&T said revenues in its power, metallurgical, heavy engineering and hydrocarbons businesses fell during the quarter, although that was offset by rising infrastructure orders.
The company was successful in securing fresh orders worth Rs 34,580 crore on a consolidated basis during the third quarter registering an increase of 19 per cent over the corresponding quarter of the previous year. The international order inflow during the quarter at Rs 6,300 crore constituted 18 per cent of total order inflow.
On a cumulative basis, the order inflow for the nine months period December 31, 2014, stood at Rs 1.07 lakh crore, recording a growth of 16 per cent (YoY). The order inflow during the nine-month period was predominantly driven by domestic orders bagged by infrastructure and power segments. The international order inflow constituted 26 per cent of the total order inflow for the nine months, the company said.
Consolidated order book of the group stood at Rs 2.25 lakh crore as of December 31, 2014, up 17 per cent (YoY). International order book constituted 25 per cent of the total order book, the company said.