ENGINEERING major Larsen and Toubro (L&T) reported a 7.9 per cent rise in its consolidated net profit at Rs 3,418.24 crore for the quarter ended March 31, mainly on the back of Strong revenues and improved execution efficiency. Its net profit stood at Rs 3,167.47 crore during the corresponding period a year ago.
The company’s consolidated income in the January-March quarter increased to Rs 45,555.29 crore from Rs 41,091.04 crore in Q4 FY18. For the fiscal year 2018-19, the company reported a net profit and revenue of Rs 8,905.13 crore and Rs 1,42,858.62 crore, respectively. It had reported a revenue of Rs 1,21,204.03 crore and net profit of Rs 7,369.86 crore in FY19.
“The year has been volatile and there have been challenges around insolvency resolution process, growing shadows of NPAs, failed business models, failed corporations, stretched promoters and lot of credit squeeze in the system,” Group Chief Financial Officer, R Shankar Raman told reporters here.
“I think regulators are also keeping pace with changes happening around regulations getting tighter and tighter with every passing event. And as though these were not enough, we have distraction due to political commentary. In the backdrop of this, we have seen satisfactory outcomes on all its targeted deliverables,” Raman said.