Larsen and Toubro net income soars 37% to Rs 2,042 cr; third quarter sees delay in order awards

Mumbai: Engineering and construction major Larsen and Toubro on Friday posted a 37 percent growth in its net income at Rs 2,042 crore on a robust 24 percent uptick in revenue at Rs 35,709 crore for the three months to December. [caption id=“attachment_4472887” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] A “strong execution in project businesses coupled with noteworthy performance in service businesses” led to a jump in revenue during the reporting period, the company said in a statement to the exchanges. At Rs 11,476 crore, its international revenue constituted 32 percent of the overall revenue, it said, adding during the quarter it secured orders worth Rs 42,233 crore at the group level. The quarter also witnessed delays in order awards due to deferment of select prospects, mainly in transportation infrastructure, heavy civil infrastructure and power businesses, the company said. The company scrip closed 0.85 percent down at Rs 1,285.55 on the BSE, as against a 0.47 percent correction in the benchmark. The numbers were announced post-market hours.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.