The company's revenues registered a sequential growth of 35%, as execution activities normalized on easing of COVID-19 restrictions, prior to onset of the 2nd wave of the pandemic. The International revenues during the quarter at Rs 15,851 crore constituted 33% of the total revenue. The order inflow for the quarter January-March 2021 at Rs 50,651 crore, lower by 12% over corresponding period of the previous year with deferment of awards. International orders at Rs 18,439 crore during the quarter is at 36% of the total order inflow, with receipt of biggest Solar PV plant order and transmission line orders. The Infrastructure segment recorded customer revenues of Rs 26,240 crore for the quarter January-March 2021, registering year-on-year (YoY) growth of 5% with pick up of execution momentum in projects. The segment order book stood at Rs 244,565 crore as at 31 March 2021, a growth of 13% with receipt of prestigious large value orders. The share of international orders in the order book is at 20%. The IT & Technology Services (IT&TS) segment (comprising L&T Infotech, L&T Technology Services and Mindtree) recorded customer revenues of Rs 6,763 crore during the quarter January-March 2021, recording YoY growth of 7% led by L&T Infotech. The Hydrocarbon segment recorded customer revenues of Rs 5,412 crore during the quarter January-March 2021, recording a YoY growth of 9% with peaking of execution activities in the onshore vertical segment. Financial Services segment recorded income from operations at Rs 3,377 crore during the quarter January-March 2021, almost at the same level when compared to the similar quarter in the previous year. For FY21, L&T reported 21% rise in consolidated net profit to Rs 11,583 crore on a 7% decline in revenues to Rs 135,979 crore in the year ended March 2021 over the year ended March 2020. The consolidated net profit includes a charge of Rs 3,620 crore towards exceptional items and profit from discontinued operations Rs 8,238 crore, mainly comprising of gain on divestment. The company attributed the decline in revenues to lockdown related disruptions in the first two quarters of the year and new norms of social distancing, quarantine procedure and safety protocols, coupled with supply chain disruptions impacting project execution progress, though with declining severity, throughout the year. The consolidated order book of the group stood at Rs 327,354 crore as at 31 March 2021, registering a robust growth of 8% over 31 March 2020. International orders constitute 21% of the total order book. The board of directors has recommended a final dividend of Rs 18 per equity share. In its outlook, L&T said that the second wave of the COVID-19 pandemic is expected to temporarily slow down the growth momentum, especially during the first quarter of FY 2021-22. Once the immediate challenges get resolved, the economy would once again recover with the resumption of near normalized activity in sectors like agriculture, manufacturing, mining, construction and non-contact based services. Elsewhere, most parts of the global economy is gradually recovering from the impact of the COVID-19 pandemic, but it still continues to remain uneven across countries with economic activity in many countries still below pre-COVID-19 levels. On the positive side, large scale vaccination drives, sustained accommodative monetary policies, government stimulus packages to citizens and small businesses support a vastly improved global economic outlook for 2021. The company said it will continue to aggressively pursue opportunities for growth, both in domestic and international markets. The focus would be on large project wins, efficient execution of its large order book, productive utilization of its monetary resources, all targeted to ensure a sustainable business model. L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 30 countries worldwide. Shares of L&T rose 2.21% to Rs 1415.50 on the BSE. It traded in the range of Rs 1423.45 and Rs 1374.05 during the day. Earlier today, L&T informed that its construction arm secured large orders for its heavy civil infrastructure business in India. It bagged an order from Chennai Metro Rail Corporation (CMRC) to construct nearly 12 km twin bored tunnels from Kellys station to Taramani Road Junction station. The arm received another order from CMRC to construct approx 8 Km of elevated viaduct with 9 elevated metro stations starting from Power House to Porur Junction including other associated works. These projects are the first packages of Phase-II which have been awarded by CMRC. According to Larsen & Toubro (L&T)'s classification, the value of the said orders lies between Rs 2,500 crore to Rs 5,000 crore. Powered by Capital Market - Live News |