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L&T Q1 results: Profit climbs 20.5% YoY to Rs 1,361 crore on new orders, revenue rises 10%

L&T Q1 results: Consolidated gross revenue from continuing operations stood at Rs 29,636 crore for the quarter ended June 30, 2019, as against Rs 27,005 crore in the year-ago period, registering a growth of 9.7 per cent

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L&T Q1 results: Profit climbs 20.5% YoY to Rs 1,361 crore on new orders, revenue rises 10%
L&T Q1 results: The company bagged new orders worth 38,700 crore

Engineering and construction behemoth Larsen and Toubro (L&T) has clocked a 20.5 per cent year-on-year (YoY) growth in consolidated profit after tax (PAT) at Rs 1,361 crore for the first quarter of the financial year 2019-20 (Q1 FY20).

"The Mumbai-based company had posted a consolidated net profit of Rs 1,129 crore in the same quarter last year," L&T said in a filing to the Bombay Stock Exchange.

Consolidated gross revenue from continuing operations stood at Rs 29,636 crore for the quarter ended June 30, 2019, as against Rs 27,005 crore in the year-ago period, registering a growth of 9.7 per cent.  The International revenue during the quarter at 9,268 crore constituted 31 per cent of the total revenue, L&T said in the exchange filing.

The operating profit or earnings before interest, tax, depreciation and amortisation (EBITDA) rose 20 per cent YoY to Rs 3,319 crore, while EBITDA margin expanded 100 basis points to 11.2 per cent.

During the April-June quarter, the company bagged new orders worth 38,700 crore, registering a YoY growth of 11 per cent. International orders during the period stood at Rs 9,005 crore, which constituted 23 per cent of the total order inflow, it said.

The company said that order wins in infrastructure and power segments were the major contributors to the order inflow during the quarter. "While orders from the central and state governments were affected during the general elections, strong PSU and private-sector orders enabled growth for the quarter," it said.

"Consolidated order book of the group stood at Rs 294,014 crore as at June 30, 2019, with international order book constituting 21 per cent of the total order book," L&T said.

Segment-wise, infrastructure segment secured fresh orders of Rs 17,497 crore, lower by 10 per cent compared to the previous year.  Hydrocarbon segment bagged orders worth Rs 3,424 crore during the quarter, a decline of 28 per cent compared to the corresponding quarter of the previous year, with no major international order.

Looking forward, the company expects that the government's strong electoral mandate has created an environment of political stability which bodes well for policy continuity, fiscal rectitude and focus on infrastructure build-out.

As on June 30, 2019, L&T held 28.86 per cent of paid-up equity share capital of Bengaluru-based mid-sized IT firm Mindtree.

In a separate development, the company said it has allotted 86,241 shares to those grantees who had exercised their options under the company's employee stock option schemes (ESOPs).

Ahead of Q1 results, shares of L&T closed trade at Rs 1410 apiece, up 0.44 per cent, on the BSE on Tuesday.

Edited by Chitranjan Kumar

Also Read: Kotak Mahindra Bank Q1 net profit jumps 33% to Rs 1,360 crore on lower provisions

Also Read: TVS Motor Q1 net profit slips 2.3% to Rs 142.30 crore, sales up 7%

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