Hindustan Times (Lucknow)

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

- 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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