NEW DELHI, Feb 1
Engineering and construction major Larsen & Toubro (L&T), on Tuesday, reported a 15 per cent increase in consolidated net profit to Rs 2,947 crore for the third quarter, missing street estimates.
Revenue of the company stood at Rs 55,128 crore, a 19 per cent increase from the year-ago period.
Analysts had pegged a 30 per cent increase in profit at Rs 3,324.3 crore year-on-year and revenue was expected to increase by 20 per cent to Rs 55,720 crore.
This is the slowest topline growth reported by the company since the last two quarters.
“We have registered yet another quarter of strong performance, despite the headwinds from a volatile global environment and consequent supply chain constraints. Our nine-month order inflow has crossed the FY23 level. This is a testament to our wide capability spectrum, diversified presence, financial strength and most importantly the faith reposed in us by our customers,” L&T chairman and managing director S.N. Subrahmanyan said in a statement.
According to a Reuters report, an upbeat capital expenditure environment, aided by the Union government’s spending push ahead of the general elections in May had helped the construction companies.
Nonetheless, according to analysts, the capex enthusiasm is slowing down as polls near in the wake of fewer project announcements.
Shares of the company declined nearly two per cent ahead of the announcement of quarterly results on Tuesday.
