L&T posts 14% drop in pre-tax profit, says revival a few quarters away
Engineering conglomerate Larsen & Toubro (L&T) on Friday reported a 14 per cent year-on-year (YoY) drop in consolidated profit before tax (PBT) at Rs 4,249.7 crore for the quarter ended March 31 (Q4FY20). This was also lower than the consensus estimate of Rs 4,567.2 crore, according to Bloomberg poll of analysts.
The company did not provide order inflow and revenue guidance for the current financial year because of Covid-19.
The company does not expect revival of capital expenditure in the private sector this year. SN Subrahmanyan, chief executive officer and managing director for L&T, said sales missed so far because of the Covid-19 disruption would be around Rs 15,000-17,000 crore. “We know April-May was tough. We are gathering our thoughts and will wait for more time before we come up with guidance,” he said.
