Mumbai: Engineering, Technology and Construction conglomerate L&T Group has reported 3 per cent YoY increase in its consolidate Profit after Tax (PAT) at Rs. 3293 crore in the January-March quarter. However, the growth in PAT was 33 per cent on quarter on quarter basis indicating a sharp recovery in economic activities in the pre-second wave period of the pandemic.
Consolidated PAT including PAT from discontinued operations for the 2020-21 financial year grew by 21 per cent YoY to 11,583 crore.
The company has reported consolidated Revenues of 48,088 crore for the quarter January-March 2021, registering sequential growth of 35%, with execution activities normalising on easing of Covid-19 restrictions, prior to onset of the 2nd wave of the pandemic. The revenue growth on a y-o-y basis was 9% evidencing return to pre Covid levels of activity. The International revenues during the quarter at 15,851 crore constituted 33% of the total revenue.
Meanwhile, L&T has reported a 7 per cent decline in consolidated Revenue at Rs.135979 crore for the 2020-21 financial year. The company has attributed the drop in revenues due to lockdown related disruptions in the first two quarters of the year and new norms of social distancing, quarantine procedure and safety protocols, coupled with supply chain disruptions impacting project execution progress. The International revenues during the year at 50,463 crore constituted 37% of the total revenue.
The Board of Directors of L&T has recommended a final dividend of Rs. 18 per equity share for the approval of shareholders. During the year the Company had declared a special dividend of T 18 per equity share as an interim dividend, post the divestment of the Electrical & Automation business.