Covid-19 impact: L&T pre-tax profit plunges 66% to Rs 894.46 cr in Q1

The company's net profit at Rs 303.14 crore for the quarter under review, was 79 per cent lower than the net profit of Rs 1,472.58 crore reported last year

Larsen & Toubro (L&T) saw its profit before tax (PBT) crash 66 per cent year-on-year in the April to June 2020 quarter (Q1), hurt by the lockdown.

The management refused to provide any guidance. However, executives indicated a revenue ramp-up would take a couple of quarters more.

L&T reported a PBT of Rs 894.46 crore for Q1FY21, down from Rs 2,655.23 crore in Q1FY20. An exceptional gain of Rs 224.72 crore thanks to divestment in its wealth management business, came as a shot in the arm. Net profit of Rs 303.14 crore was 79 per cent lower than Rs 1,472.58