L&T Q1 net profit falls 68 pc to Rs 537 cr amid COVID-19

Larsen & Toubro (L&T) on Wednesday posted 68.37 per cent decline in consolidated net profit to Rs 536.88 crore for the first quarter ended June 30, mainly due to COVID-19 and resultant lockdowns. The company had clocked a consolidated net profit of Rs 1,697.62 crore in the year-ago period, the engineering and construction conglomerate said in a regulatory filing to the BSE.

Larsen & Toubro (L&T) on Wednesday posted 68.37 per cent decline in consolidated net profit to Rs 536.88 crore for the first quarter ended June 30, mainly due to COVID-19 and resultant lockdowns. The company had clocked a consolidated net profit of Rs 1,697.62 crore in the year-ago period, the engineering and construction conglomerate said in a regulatory filing to the BSE. Its total income fell 27.19 per cent to Rs 22,037.37 crore in April-June quarter, against Rs 30,270.94 crore in the year-ago period, the filing said.

Total expenses decreased to Rs 21,367.63 crore during the quarter under review, from Rs 27,615.71 crore in the corresponding period previous fiscal. "The Group's operations and financial results for the quarter have been very adversely impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed with requisite precautions during the quarter with limited availability of workforce and disrupted supply chain," the company said.