The country's largest infrastructure developer - Larsen & Toubro - on Wednesday reported that its profit more than doubled in quarter ended September 30. Larsen & Toubro's annual consolidated net profit in July-September quarter rose 118 per cent to Rs 5,520 crore as against Rs 2,527 crore during the corresponding period a year ago, the company's stock exchange filing showed. (Track Larsen & Toubro stock price here)
Larsen & Toubro's revenue from operations declined 12.15 per cent to Rs 31,034.74 crore from Rs 35,328.45 crore during the same period last year.
The company announced a special dividend of Rs 18 per share.
"During the quarter, with the labour at various project sites reaching near pre-COVID levels, the businesses saw a pickup in execution momentum compared to Q1 FY 2020-21 and achieved a sequential growth of 46 per cent," Larsen & Toubro said in a press release.
"The company bagged orders worth Rs 28,039 crore at the Group level during the quarter ended September 30, 2020 registering a sequential improvement of 19 per cent over previous quarter, but a decline of 42 per cent vis-a-vis previous year, on account of deferment of award decisions largely caused by the pandemic," the Mumbai-based company said.
International orders during the quarter constituted 36 per cent of the total Order Inflow. On a cumulative basis, the order Inflow for the half-year ended September 30, 2020 stood at Rs 51,613 crore, registering a decline of 41% over the corresponding period of the previous year.
The consolidated order book of the group stood at Rs 2,98,856 crore as at September 30, 2020, with international order book constituting 24 per cent of the total order book, Larsen & Toubro added.
Larsen & Toubro shares ended 0.12 per cent higher at Rs 983.65, outperforming the Sensex which ended 1.48 per cent lower.