‘By P. Sarojini’
      Mumbai, India (CWBN)_ Larsen & Toubro announced its Q2 results for the September quarter on Wednesday. The country’s largest infrastructure developer reported that the company’s profit for the September quarter of the current fiscal year more than doubled compared to the previous year. L&T’s stock exchange filing showed that the company’s annual consolidated net profit in the July-September quarter rose 118 per cent to INR 5,520 crore as compared to INR 2,527 crore in the same period a year ago.
      L&T’s revenue from operations declined 12.15 per cent to INR 31,034.74 crore, which was INR 35,328.45 crore during the same period last year. The company also announced a special dividend of INR 18 per share.
      Larsen & Toubro said in a press release, “During the quarter, with the labour at various project sites reaching near pre-COVID levels, the businesses saw a pickup in execution momentum compared to Q1 FY 2020-21 and achieved a sequential growth of 46 per cent”.
      The Mumbai-based company said, “The company bagged orders worth INR 28,039 crore at the Group level during the quarter ended September 30, 2020 registering a sequential improvement of 19 per cent over previous quarter, but a decline of 42 per cent vis-a-vis previous year, on account of deferment of award decisions largely caused by the pandemic”.
      The international orders constituted 36 per cent of the total order inflow during the quarter. On a cumulative basis, the order Inflow for the half-year ended September 30, 2020 stood at INR 51,613 crore, accounting for a decline of 41% as compared to the same period a year ago.
      L&T added that as of September 30, 2020, the consolidated order book of the group stood at INR 2,98,856 crore, with international order book constituting 24 per cent of the total order book.
      The shares of Larsen & Toubro ended 0.12 per cent higher at INR 983.65, outperforming the Sensex which ended 1.48 per cent lower.
