L&T’s net profit raised by 36% for the Q1
Reportedly, the net profit of infrastructure giant, Larsen & Toubro (L&T) rose to 36% worth Rs. 36,142 crores for the June quarter (Q1). The net profit is mainly driven by domestic projects making record consolidated Gross Revenue of Rs. 28,283 crores for the June quarter by registering a growth of average 18% every year. International orders at Rs. 9,404 constituted 26% of the total order inflow. The consolidated PAT (Profit After Tax) for the June quarter at Rs.1, 215 crores was higher by 36% with regard to the PAT of Rs.893 for the June quarter in 2017.
Cash inflow from Infrastructure, Hydrocarbon, and Heavy engineering business segments has most contributed to the increase of profits in Quarter 1, Chief Financial Officer of L&T Group, R. Shankar Raman said. Raman also said sponsors are looking forward for the opportunities to put their capital in the company and also public sector is in wait and watch to invest.It is also expected that the progress on resolution of stressed private sector corporate for the overleveraged business issue will be resolved through IBC (Insolvency and Bankruptcy Code) and kick-start the flow of banking sector credit growth, Raman said. The company also craved out the new business plans as a part of restructuring strategy, vertical to defence engineering, which includes both defence, aerospace, and shipbuilding business. Raman said that the company will continue the focus on profitable execution of orders and also continue improvement of working capital.