L&T Q3 standalone net drops 14% to Rs 1,060 cr

However, the total income rose 5% to Rs 15,617 cr and consolidated net is up 9% at Rs 867 cr

India’s biggest engineering and construction company Larsen and Toubro Ltd (L&T) reported a 14% decline in standalone net profit at Rs 1,060 crores for the quarter ended Decmber 2014 after a fall in revenue at its power and metallurgical businesse. It was Rs 1,240 crores for the same period a year ago.

However, the total income rose 5% to Rs 15,617 crores as against Rs 14,820 crores in December 2013.

L&T, which makes anything from submarines and metro lines to oil pipelines, said that the decline in hydrocarbon revenues was due to low order book in the segment

Hydrocarbons also saw dip in revenue on "Middle East execution challenges", the company added.

Power segment also saw dip in revenues due to order book issues. 53% of the orders during the sector came from infrastructure sector.

On Monday, the company's scrip on BSE closed almost 7% lower at Rs 1,573.

The company, however, reported 8.7% rise in consolidated net profit for the third quarter at Rs 866.54 crore on higher revenue.

The company had clocked Rs 796.66 crore net profit in the October-December quarter of last fiscal, it said in a BSE filing.

The company's revenue grew 9.6% to Rs 24,033 crore in which international business contributed Rs 6,400 crore.

L&T had reported Rs 21,929-crore revenue in the same period of last fiscal.

Consolidated order-book of the company stood at Rs 2,25,788 crore as on December 31, higher by 17%.

International orders constituted 25% of the total order-book.

"The company, with its leadership position in multiple sectors and inherent capabilities, is well poised to capitalise on the upcoming business opportunities, particularly in infrastructure, power and defence sectors, which are likely to benefit from the government's thrust," it added.