L&T Q3 results: Capital goods giant misses Street estimates, PAT up 15%

Larsen & Toubro (L&T) on Wednesday reported a 15.2 per cent year-on-year rise in consolidated profit at Rs 2,352 crore for December quarter. The company had reported Rs 2,041.62 crore profit in the same quarter last year.

The capital goods major misses Street estimates on key parameters -- revenue and PAT. The company attributed it to lacklustre growth in the economy.

Consolidated order book stood at Rs 3.06 lakh crore, The company said steps taken by the government will help spur demand in the medium to long term.

Analysts in an ET NOW poll had project the profit number at Rs Rs 2,432 crore.

Consolidated Ebitda margins came in at 11.30 per cent against analysts estimates of 11.10 per cent.

Revenue for the quarter rose 6 per cent to Rs 36,243 crore. International revenue stood at Rs 12,871 crore and accounted for 36 per cent of the total sales.

The company won new orders worth Rs 41,579 crore during the quarter. International orders accounted for 43 per cent for the total new orders at Rs 17,901 crore, thanks to large wins in power transmission & distribution and metallurgical & material handling business.

Infrastructure segment secured orders worth Rs 28,115 crore, up 28 per cent on a yearly basis.

Order wins were mainly in power transmission and distribution business, industrial water systems, network management system and freight facility package. International orders at Rs 11,595 crore constituted 41 per cent of the total order inflow of the segment during the quarter, with large value wins in Africa and Middle East.

The power segment secured orders of Rs 816 crore. The heavy engineering segment got orders worth Rs 497 crore, a 10 per cent fall, mainly due to deferment of orders.

The defence engineering segment received orders worth Rs 168 crore. Hydrocarbon segment recorded customer revenue of Rs 4,386 crore during the quarter.

Financial services segment recorded customer revenue of Rs 3,550 crore. IT & Technology Services achieved customer revenue of Rs 6,090 crore during the quarter.