Larsen & Toubro Q2 net up 23% to Rs 2,230 cr on improved performance

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Mumbai : Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday posted a 23 per cent jump in net profit for the second quarter ending September at Rs 2,230.49 crore on the back of improved revenue realisation and strong growth in its service businesses.

The company had registered a net profit of Rs 1,819.88 crore during the corresponding quarter last year, it said in a stock exchange filing.

"Growth was facilitated with improved execution in project businesses, strong growth in service businesses and recognition of revenue on completed performances in realty business on application of IND AS 115 from April 1, 2018," it said.

During the quarter in consideration, the company earned revenue of Rs 32,080.83 crore registering a growth of 21 per cent over Rs 26,446.76 crore earned in the second quarter a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA) at Rs 3,770.5 crore during the quarter in question recorded a jump of 27 per cent, as compared to the Rs 2,962.2 crore EBIDTA posted in the same last year.

L&T also reported an exceptional gain of Rs 294.8 crore for the second quarter, up from Rs 136.74 crore on this count in the same period last year.

"The company has witnessed a strong growth of 46 per cent, with order wins worth Rs 41,921 crore at the group level during the quarter ended September 30, 2018 due to pick-up in domestic ordering activity.

"International orders at Rs 8,268 crore constituted 20 per cent of the total order inflow. On a cumulative basis, the order inflow for the half year ended September 30, 2018, stood at Rs 78,064 crore, growing at 42 per cent over the corresponding period of the previous year," the company said.

The L&T stock closed on Wednesday at Rs 1,298.35 a share, up Rs 26.85, or by 2.11 per cent over its previous close on the BSE.