L&T posted lower-than-estimated first quarter numbers with a 46 percent rise in consolidated profit to Rs 609.6 crore. Revenues increased 9.1 percent to Rs 21,874 crore. The first two quarters of the current fiscal will be weak, R Shankar Raman, CFO of L&T said. Growth will be visible in second half of FY17, he added. The company expects order inflows to grow by 15 percent of which 30 percent will be international orders. Raman said that 12-15 percent growth on restated revenue of near Rs 3.5 crore is expected in the current fiscal. On changes in accounting standards, Raman said that provisions have been made mostly on non-cash items and will not impact cash flows much.
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