The company reported a 9 per cent on-year growth in consolidated revenues to Rs 48,088 crore, which also missed Street’s expectations marginally. The infrastructure company’s new order inflows in the quarter slumped 12 per cent year-on-year to Rs 50,651 crore.
Larsen & Toubro’s order book at the end of the financial year stood at Rs 3.3 lakh crore, up 8 per cent on a year-on-year basis.
L&T’s board also approved a final dividend worth Rs 18 per share for the financial year ended March.
Sequentially, the company’s performance was strong, reflecting the impact of unlocking the economy prior to the second wave on project execution. L&T said consolidated sales jumped 35 per cent sequentially, while net profit rose by 33 per cent.
In the year-ago quarter, L&T’s performance was affected by the national lockdown in March and the general slowdown in the economy even prior to the pandemic.
“The economy, which made a resilient comeback during the later part of FY 2020-21, is once again at the crossroads, with the onset of a more ferocious second wave of the Covid-19 pandemic, impacting many states,” the company said.
L&T believes that the lockdowns will slow the growth momentum in the economy temporarily. However, the company said that beyond the lockdowns, the economy will recover back to near-normalized activity.
Shares of L&T ended 2.1 per cent higher at Rs 1,414.5 on the National Stock Exchange.
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