Infrastructure giant Larsen & Toubro on Wednesday reported a profit after tax (PAT) of Rs 303 crore in the quarter ended June, reflecting a decline of 79 per cent versus Rs 1,473 crore in the corresponding quarter of previous year.
The PAT was impacted mainly due to lower revenue, credit provisions in financial services business and under-recovery of overheads, the conglomerate said in a statement.
L&T recorded consolidated gross revenue of Rs 21,260 crore in Q1 FY21, marking a downturn of 28 per cent due to nation-wide lockdown, resulting in halting of manufacturing and construction activities, non-availability of labour and disruptions to the supply chain ecosystem.
International revenues during the quarter was at Rs 9,497 crore constituted 45 per cent of the total revenue with increased composition of the non-cyclical IT&TS (information technology and technology services) segment.
The company bagged orders worth Rs 23,574 crore at the group level during the quarter ended June 30, down 39 per cent, characterised by low interest towards fresh investment and deferment of award decisions.
International orders during the quarter at Rs 8,872 crore constituted 38 per cent of the total order inflow.
The consolidated order book of the group stood at Rs 3.05 lakh crore on June 30 with international order book constituting 24 per cent of the total order book.
Infrastructure segment secured orders were 32 per cent lower at Rs 11,349 crore in Q1 FY21 with customer revenue slipping by 53 per cent to Rs 6,393 crore.
Power segment did not receive any major order, given the significant slowdown in the sector consequent to the recessionary economic conditions, L&T said.
"The company's focus continues to be on responsible resumption, profitable execution of its large order book with higher operational efficiencies, liquidity management, tight expense control and successful transitioning to a new work environment," it said.
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