L&T revenue dips 12 per cent in Q1

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Larsen & Toubro recorded consolidated gross revenue of Rs 31,035 crore for the quarter ended September 30, 2020.

During the quarter, the businesses saw a pickup in execution momentum compared to Q1 FY 2020-21 and achieved a sequential growth of 46 per cent, said a press release.

However, the revenue of the company declined by 12 per cent y-o-y due to the lingering impact of the pandemic. International revenue during the quarter at Rs 12,148 crore constituted 39 pc of the total revenue. For the half-year ended September 30, 2020, the consolidated gross revenue at Rs 52,295 crore recorded a y-o-y decline of 20 pc.

Net profit after tax (PAT) and share in profit/(loss) of joint ventures/associates from continuing operations before exceptional items for the quarter is at Rs 1,410 crore, registering a sequential improvement of nearly four times reflecting pickup in the business momentum, added the release.

However, the impact of pandemic in terms of lower revenue, higher credit provisions in the Financial Services business and disruption of the Metro services, led to decline of 45 pc vis-à-vis reported PAT of corresponding quarter of the previous year at Rs 2,552 crore.