Larsen &Toubro, the country's largest infrastructure developer, reported a 15 per cent rise in net profit to Rs 2,352 crore in the third quarter ended December 2019 compared to Rs 2,041 in the corresponding quarter of the previous year, the company said in a regulatory filing post market hours on Wednesday.
The company bagged new orders worth Rs 41,579 crore during the December quarter despite the subdued business environment, the company stated. Among the company's major growth areas, the infrastructure segment secured orders of Rs 28,115 crore and the power segment bagged orders worth Rs 816 crore during the quarter.
The infrastructure major's December quarter gross revenue grew 6 per cent to Rs 36,243 crore; the international revenue during the quarter stood at Rs 12,871 crore, constituting 36 per cent of the total revenue during the period.
The consolidated profit after tax (PAT) from continuing operations for the quarter ended December 31, 2019 stood at Rs 2,161 crore, a growth of 13.8 per cent over the corresponding quarter of the previous year.
"The company's proven execution leadership, ability to embrace new age digital technologies, strong talent pool, financial discipline and professional process-driven strategies places it in an advantageous position to effectively capture opportunities as and when they emerge," the company emphasized.
L&T operates in more than 30 countries throughout the world. The shares of the company edged lower by eight points or 0.6 per cent at Rs 1,294 ahead of its results on Wednesday. The Sensex had lost 208 points at 41,115 and Nifty shed 63 points at 12,107.