Despite coronavirus, L&T wins record orders in December quarter

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MUMBAI: Larsen & Toubro’s income and revenue continued to replicate the influence of the disruption brought on by the Covid-19 pandemic in the third quarter, however the firm managed to bag mega orders in the previous three months, taking its order e-book to the best on record.

Consolidated internet revenue elevated 5% from a 12 months earlier to 2,467 crore in the quarter ended December 31. Revenue declined 2% to 35,596 crore.

“The fact that we couldn’t work productively in the first four and a half months of the (fiscal) year has pushed us back in terms of the revenue profile. The catch-up plan will take a quarter or two for it to actually step ahead of the pre-Covid levels. But as we speak about almost catching up with the pre-Covid levels, the headwinds around the execution challenges in an economy just recovering post pandemic is very much there and I don’t think we should discount it,” chief monetary officer R Shankar Raman instructed reporters on a convention name.

L&T put in its kitty the nation’s largest engineering, procurement and development order for the Mumbai-Ahmedabad high-speed rail hall, which boosted new order wins to 73,233 crore in the December quarter, up 76% from a 12 months earlier. Consolidated orders have been at an all-time excessive of 331,061 crore as of end-December. About 20% of those got here from worldwide markets.

“Most of the orders are moving. There could be one or two that can be classified as slow moving but that’s negligible as a percentage of the overall orderbook. The entire order book is good, profitable, well-intentioned, well-moving, fairly well-secured and funded,” chief govt SN Subrahmanyan stated.

L&T’s infrastructure enterprise, which accounts for 45% of income, reported a 7% year-on-year decline in gross sales at 15,828 crore in the previous quarter. Sequentially, the enterprise grew 22%, indicating a pickup in order execution and income reserving after the lockdown.

The heavy engineering enterprise, which has been underneath stress because of the drying up of capital expenditure in the personal sector, reported a marginal enhance in gross sales and nearly 100% development in new orders at 998 crore, pushed by nuclear energy venture jobs. The hydrocarbon enterprise bagged some giant home orders whilst the corporate cautioned that subdued oil costs could have an effect on Middle East economies.

The firm’s developmental tasks section, the place it owns and operates tasks, posted a 34% decline in income from a 12 months earlier, hit by decrease ridership in the lossmaking Hyderabad metro tasks and low technology at it Rajpura energy station, which was affected by the disruption of rail transport because of the ongoing protest by farmers.





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