Net profits at Larsen & Toubro slumped 79 per cent for the quarter ended June 30, 2020 as orders took a beating and industrial activity was affected by the lockdown.
The conglomerate reported a consolidated net profit of Rs 303.14 crore against Rs 1,472.58 crore in the year-ago period. The results would have been worse had it not been for exceptional items of Rs 225 crore and deferred tax writeback of Rs 307 crore.
The lockdown had its impact on L&T’s topline during the period with consolidated revenues from operations falling to Rs 21,259.97 crore from Rs 29,635.95 crore in the corresponding period of the previous year.
L&T said that its revenues were impacted by the nation-wide lockdown that halted manufacturing and construction activities, created a labour crunch and disrupted the supply chain ecosystem.
