L&T continues to suffer from slowdown in India's infrastructure sector

At consolidated level, L&T reported net profit of Rs 1,410 crore, down 45 per cent YoY, excluding gains from asset sale, while net sales were down 12 per cent YoY

The continued slowdown in India's infrastructure and industrial sector has finally caught up with Larsen & Toubro. It reported net loss on standalone basis for the first time in Q2FY21, excluding the one-time profits from asset sales. At the consolidated or group level, core business of engineering, construction and manufacturing remains a drag and L&T now makes profits from its IT services subsidiaries than its core business.

L&T reported a loss of Rs 1,767 crore from continuing operations on standalone basis during the September quarter against like-to-like net profit of Rs 1,719 crore a year ago and Rs 282 crore