Larsen and Toubro: Revival still a work in progress
Larsen and Toubro Ltd (L&T), the country’s largest infrastructure and construction conglomerate, said it expects the pandemic to cast a long shadow on its business.
After reporting a 12% drop in revenue to Rs31,000 crore in the fiscal second quarter, L&T shied away from giving a definite outlook for the year. Its senior management said it is still playing catch-up with last year’s numbers.
“The second quarter has been a road to revival from the depths of Q1,” R. Shankar Raman, whole-time director and chief financial officer of L&T, said.
The construction company posted a consolidated net profit of Rs5,520 crore, more than double the Rs2,527 crore it posted a year ago.