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L&T FY20 results: Profit rises 7% to Rs 9,594 crore; board announces final dividend of Rs 8 per share

BusinessToday.In     June 5, 2020

Larsen and Toubro (L&T) on Friday reported over 7 per cent increase in consolidated profit after tax for the financial year ended March 31, 2020. The technology-to-construction conglomerate reported consolidated profit after tax, including discontinued operations, at Rs 9,594.03 crore for the FY20, as opposed to 8,905.13 crore in the previous year.

Total consolidated revenue from operations for L&T during the fiscal under review stood at Rs 1.45 lakh crore, 7.5 per cent higher than Rs 1.35 lakh crore reported a year ago.

For the quarter ended March 31, 2020, consolidated profit after tax, including discontinued operations, stood at Rs 3,197 crore, 6 per cent lower than Rs 3,418.24 crore reported in the corresponding quarter last year.

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"The company bagged a spate of orders worth Rs 186,356 crore at the group level during the year ended March 31, 2020, registering growth of 9 per cent compared to the previous year even in the face of subdued business environment and economic challenges. International orders during the year at Rs 60,094 crore increased to 32 per cent of the total order inflow, on large value order wins in diverse sectors such as Power Transmission and Distribution, Hydrocarbon, Water Effluent Treatment and Metallurgical and Material Handling business," L&T said in a regulatory filing.

The consolidated order book of L&T group stood at Rs 303,857 crore, as on March 31, 2020, registering a growth of 4 per cent over March 31, 2019. International orders constituted 25 per cent of the total order book.

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Commenting on preparations in view of the coronavirus crisis, L&T said that it has taken a number of measures to handle the prevalent domestic challenges and global volatility. "These measures include building sufficient liquidity on the balance sheet, adapting business models to incorporate work at home practices wherever feasible, optimising digital initiatives to facilitate site execution, engaging with customers to refresh contractual rights and obligations, sharply focusing on all items of costs to maximise economic benefits, taking care of the large sub-contracted labour force at work sites, complying with all governmental directives while working to remobilise the workforce to commence execution of projects and strengthening practices to ensure that staff are safe and well during this period," the company said.

Announcing the financial results for quarter and year ended March 31, 2020, L&T's board of directors has recommended a final dividend of Rs 8 per equity share, subject to the approval of shareholders.

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