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Larsen & Toubro Q4 net falls 27% to Rs 2,070 cr

Larsen & Toubro

Mumbai: Engineering major Larsen & Toubro (L&T) today reported a 27.13 per cent decline in net profit for the March quarter to Rs 2,069.64 crore due to slowdown in execution of projects.

The company had clocked Rs 2,840.40 crore net profit in the January-March quarter of 2013-14.

The company’s net sales grew 3.69 per cent to Rs 28,022.62 crore during the quarter from Rs 27,024.14 crore in the same period of the previous fiscal.

Total expenditure rose by 8.70 per cent to Rs 25,001.22 crore during the March quarter as against Rs 22,999.45 crore in the corresponding quarter of the previous fiscal.

“The decline in revenues need not necessarily be due to slowdown in execution from our side, but they could be because of the bottlenecks in execution.

The start and stop of various projects due to constraint in land, liquidity challenges as many of our customers are restructuring their balance sheets, among others, could be some of the reasons for delays in execution. We are, however, geared up for execution,” Group Executive Chairman AM Naik told reporters here today.

He said the company expects its revenues to grow by 15 per cent in FY16.

L&T recorded consolidated revenue of Rs 92,004.58 crore for the year, registering an increase of 8 per cent on a y-o-y basis from Rs 85,128.4 crore.

The international revenue during the year at Rs 25,926 crore, constituted 28 per cent of the total revenue.

For the year, the company reported a PAT of Rs 4,764.82 crore against Rs 4,902 crore in FY14. The PAT of the previous year included a one-time write back of Rs 664 crore on account of amortisation charge of toll road projects.

The company bagged fresh orders worth Rs 1,55,367 crore at consolidated level during the year ended March 31, recording a 22 per cent growth compared to FY14.

“The order inflow growth was driven by domestic orders across businesses. The international orders during the year at Rs 39,116 crore constituted lower share at 25 per cent of the order inflow, as the company was selective in pursuing international opportunities,” he said.

“We hope our order inflows will also increase by 15 per cent out of which 75 per cent will be from the domestic market,” he added.

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