L&T’s Q3 consolidated net profit up 4.9%

Mumbai, Jan 25 : Infrastructure and engineering conglomerate Larsen & Toubro (L&T) on Monday reported a 4.9 per cent increase in its consolidated net profit for the quarter ended December 31, 2020.
Accordingly, the consolidated net profit for the quarter rose to Rs 2,467 crore over the corresponding quarter of the previous year.
“Consolidated ‘Profit After Tax’ for the quarter ended December 31, 2020 at Rs 2,467 crore registered growth of 4.9 per cent over the corresponding quarter of the previous year, largely attributed to higher profit from IT & TS segment and sale of commercial property in realty,” the company said in a statement.
“PAT also includes gain on divestment of Rs 209 crore from discontinued operations for the quarter ended December 31, 2020. The gain of divestment is towards — further adjustments accrued against the sale of the electrical and automation business to Schneider Electric SE and sale of the UK based Marine control and automation systems subsidiary to Rolls-Royce Power Systems AG.” In the quarter under review, the company reported gross revenues of Rs 35,596 crore for the quarter ended December 31, 2020, registering a sequential growth of 15 per cent.
“The Covid-19 restrictions continued to have an impact on project site execution and Hyderabad metro operations that led to a marginal decline in revenue of 2 per cent over the corresponding quarter of the previous year,”.