L&T Q2 net up 7% on sub­dued power, hy­dro­car­bon sales

Hindustan Times (Lucknow) - - HT BUSINESS - HT Cor­re­spon­dent ■ let­ters@hin­dus­tan­times.com

En­gi­neer­ing ma­jor Larsen & Toubro (L&T) on Fri­day re­ported a 6.87% year-on-year rise in con­sol­i­dated net profit to ` 862 crore in the July-Septem­ber quar­ter, from ` 806 crore last year, due to sub­dued sales from its power and hy­dro­car­bon ver­ti­cals.

Con­sol­i­dated rev­enue rose 10.60% to ` 21,159 crore from ` 19,131 crore a year ago.

“Sales growth is a re­flec­tion of low ac­tiv­ity and chal­lenges in ex­e­cu­tion in the pre­vail­ing mar­ket con­di­tions. There has been an im­prove­ment in the en­vi­ron­ment, but the real push from growth-ori­ented pol­icy ini­tia­tives taken by the gov­ern­ment will take time to trans­late into ground re­al­ity,” L&T’s group chief fi­nan­cial of­fi­cer R Shankar Ra­man said.

He said that rev­enues were boosted mainly due to bet­ter per­for­mance in in­fra­struc­ture and de­vel­op­men­tal projects.

The in­fra­struc­ture seg­ment achieved a rev­enue of ` 9,633 crore, up 27%, while in­ter­na­tional sales con­sti­tuted 27% of its to­tal rev­enue. The de­vel­op­men­tal projects seg­ment recorded a rev­enue of ` 993 crore.

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