Larsen & Toubro Q3 net profit up 3 pc to Rs 2,648 cr

"The gain of divestment is ...accrued against the sale of the Electrical & Automation business to Schneider Electric SE and ... sale of the UK based Marine control & automation systems subsidiary to Rolls-Royce Power Systems AG," the company said.

New Delhi: Engineering and construction giant Larsen & Toubro (L&T) on Monday posted a 3 per cent increase in consolidated net profit to Rs 2,648.33 crore for the quarter ended in December 2020.

The company had clocked a net profit after tax and share in profit/(loss) of joint ventures/associates from continuing operations before exceptional items of Rs 2,560.32 crore in the year-ago period, it said in a regulatory filing.

The increase in profit is largely attributed to higher profit from IT & ITES segment and sale of commercial property in Realty, the company said in a statement. PAT also includes gain on divestment of Rs 209 crore from discontinued operations for the quarter ended December 31, 2020.

“The gain of divestment is …accrued against the sale of the Electrical & Automation business to Schneider Electric SE and … sale of the UK based Marine control & automation systems subsidiary to Rolls-Royce Power Systems AG,” the company said.

Total consolidated income was almost flat at Rs 36,661.08 crore in the October-December quarter, against Rs 36,711.69 crore in the year-ago period. Total expenses slipped to Rs 32,980.58 crore from Rs 33,488.46 crore in the corresponding quarter earlier.

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