Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said its consolidated net profit increased 44.9 per cent to Rs 1,702.07 crore in June 2022 quarter due to higher revenue from operations.
The company had posted a consolidated net profit of Rs 1,174.44 crore in the year-ago period, L&T said in a stock exchange filing.
The consolidated revenue from operations of the company during April-June period increased to Rs 35,853.20 crore from Rs 29,334.73 crore in the year-ago period, the filing said.
Speaking to the media during a conference call, company's whole-time director and CFO R Shankar Raman said the first quarter is not always the best of quarters for EPC (Engineering, Procurement and Construction) companies, particulary L&T. But the engineering major has performed pretty strongly during April-June period.
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L&T, he said, has restructured internally and from this quarter the company is reporting seven segments instead of nine.
"We do see green shoots of investments by private sectors in sectors that are profitable," he added.
The company, he said, may announce and execute its exit from the road concessions in the current fianancial year.
L&T bagged orders worth Rs 41,805 crore at the group level during the April-June period, registering a growth of 57 per cent from the year-ago period.
As on June 30, consolidated order book of the group stands at Rs 3,63,448 crore.
The company's infrastructure project segment got order inflows of Rs 18,343 crore, during the first quarter, registering a growth of 66 per cent over the year-ago period.
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L&T's energy project segment bagged orders amounting to Rs 4,366 crore during the April-June period.
The company is on the path of diversification into the new businesses of green energy and e-commerce platforms and at the same time pursue exit options/limit exposure in non-core businesses over the 'Lakshya 2026' strategic plan period.
Effective from April 1, 2022, the operating segments have been re-organised, in line with the business strategy under its five-year plan Lakshya 2026. Some of the existing segments have been realigned to reflect the group's Lakshya 2026 strategy, the company said.
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