MUMBAI, MAY 29:
Engineering and infrastructure giant Larsen & Toubro Ltd (L&T) has beaten market expectation with a 29.5 per cent growth in consolidated net profit for the quarter ended March 31, 2017, at ₹3,025 crore compared with ₹2,335 crore for the corresponding quarter of the previous year.Analysts polled by Thomson Reuters and Bloomberg had expected a consolidated net profit of ₹2,592 crore and ₹2,650 crore, respectively.
L&T has also announced a dividend of ₹21 per share along with one bonus share for every two held.
The Group’s revenue at consolidated level for the quarter increased by 12 per cent to ₹36,828 crore. The revenue for FY-17 has registered 8 per cent growth reaching ₹1,10, 011 crore, while the net profit for the year grew 43 per cent to ₹6,041 crore compared with ₹4,233 crore in FY-16.
L&T’s Chief Financial Officer R Shankar Raman told the media: “If you look back over the last three-odd years, the capital goods industry and the infrastructure sector, in particular, have been facing very challenging times”. Raman added that schemes like “Make in India”, “Skill India” and other initiatives of the current government were laudable, but in reality were still “work in progress” and the industry as well as the country in whole has to figure out ways to complete these things into a “finished product” to be able to take advantage and encash on the opportunities.
Earlier this year, announcing the results for the third quarter, L&T had lowered its full-year estimates for growth in order inflows and revenue growth to 10 per cent (from 15 per cent in case of order inflows and from 12-15 per cent in case of revenues).
via L&T consolidated profit up 29% in March quarter; announces 1:2 bonus | Business Line
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