Home India L&T reported 6% decline in its consolidated net profit at ₹3197

L&T reported 6% decline in its consolidated net profit at ₹3197

Engineering and construction major Larsen & Toubro on Friday reported 6% decline in its consolidated net income at ₹3,197 crore for the quarter ending March 2020. The company’s net income in year-ago period was ₹3,418 cr.

However, the consolidated revenue from operations increased by 2% to ₹44,245 crore as against ₹43,303 crore in March 2019.

For the complete financial year (2019-20), its consolidated net income recorded a rise of 6.14% to ₹10,239.71 crore as against ₹9,647.25 crore within the previous year.

The company’s consolidated order book at March end was ₹3.03 lakh crore.

“The consolidated order book of the group stood at ₹3,03,857 crore as on March 31, 2020, registering a growth of 4 per cent over March 2019. International orders constitute 25 per cent of the entire order book,” it said during a statement.

The company’s directors have recommended a final dividend of ₹8 per share.

Shares of Larsen & Toubro were up 2.61% at closing on Friday on BSE, outperforming the broader Mumbai market. Larsen & Toubro shares traded 2.61% higher at ₹955.30, giving it a market capitalisation of ₹1,34,113.80 crore.

Larsen & Toubro on Friday said it’s secured an outsized contract from the govt of Telangana for an irrigation project.

Though the corporate didn’t specify the precise contract value, as per its specification a ‘large’ contract ranges between ₹2,500 crore and ₹5,000 crore.

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