MUMBAI: Larsen and Toubro Ltd (L&T), the country’s largest engineering & infrastructure company reported a 68.73 per cent year-on-year decline in its FY21 first quarter net profit from Rs1697.62 crore to Rs536.88 crore.
The income for the quarter dropped 27 per cent to Rs22,037.37 crore. The consolidated gross revenue registered a 28 per cent decline on year-on-year to Rs21,260 crore.
The COVID has impacted the functioning of the engineering giant with a large chunk of its migrant workforce having left the workplaces due to the sustained lockdown.
“Revenue was impacted by nation-wide lockdown, resulting in halting of manufacturing and construction activities. Non-availability of labour and disruptions to the supply chain ecosystem also impacted the revenues. International revenues during the quarter at Rs9,497 crore constituted 45 per cent of the total revenue,” the company said in a statement.
L&T Group had bagged orders worth Rs23,574 crore during the first quarter ending June 30, 2020 registering a decline of 39 per cent,
International orders during the quarter at Rs8,872 crore constituted 38 per cent of the total order inflow. The consolidated order book of the company stood at Rs305,083 crore as at June 30, 2020, with international Order Book constituting almost one fourth of that .
“The company’s focus continues to be on responsible resumption, profitable execution of its large order book with higher operational efficiencies, liquidity management, tight expense control and successful transitioning to a new work environment,” the company statement added.