By P.R. Venkat

Larsen & Toubro Ltd.'s first-quarter net profit fell 79% compared with the same period a year earlier as Covid-19 restrictions hurt the conglomerate's various businesses, including its financial-services unit.

Net profit for the quarter ended June was 3.03 billion rupees ($40.61 million) as revenue fell 28% to INR212.60 billion, L&T said late Wednesday.

The company said that revenue was hurt by the Covid-19 restrictions across the country which saw its manufacturing plants and construction activities temporarily disrupted.

Its results were also hurt as its financial-services business made higher credit provisions.

L&T said that its consolidated order book stood at INR3.051 trillion as of end June. Of this, its international order book accounted for 24% of its total order book.

L&T is engaged in technology, engineering, construction, manufacturing and financial services business. It has operations in over 30 countries worldwide. 



  Write to P.R. Venkat at venkat.pr@wsj.com