L&T reports Q2 net profit at Rs 22 bn over write-back of doubtful debt

As on September 2018, L&T's total order book was at Rs 2.81 trillion, of which 22 per cent was from international orders

Engineering conglomerate Larsen & Toubro (L&T) reported a 23 per cent year-on-year rise in its profit after tax for the September 2018 quarter (Q2), helped by reversal of Rs 3 billion worth provisioning for doubtful debt.

The consolidated net profit of Rs 22 billion also beat Bloomberg consensus estimates of Rs 16.5 billion. However, even after excluding the exceptional item mentioned above, the profit was miles ahead of estimates.

For the quarter under review, consolidated revenue from operations was up 21 per cent year-on-year at Rs 321 billion and also beat analysts’ estimates of Rs 292 billion. Revenue growth was