L&T profit before tax for Q3FY20 dips 5%, firm misses street estimates

Engineering conglomerate Larsen & Toubro (L&T) reported a 5 per cent decline in profit before tax (PBT) for the December 2019-ended quarter on account of lower disbursements and profits for its financial services arm.

After tax, the company reported a consolidated profit of Rs 2,353 crore — a jump of 15 per cent. While the infrastructure segment revenue for the company took a hit, the overall order inflow grew at a slower pace of 2 per cent. The management, however, maintained its order and revenue guidance for the full year.

For the December 2019-ended quarter, L&T PBT was at Rs 3,223.23 crore, compared to Rs 3,401.22 crore reported a year ago. The consolidated gross revenue for the same period was at Rs 36,243 crore — a growth of 6 per cent year-on-year. The company missed the Street estimates.