L&T shares have gained 3.58% since the earnings announcement for the quarter and year ended March 31

Larsen & Toubro (L&T) on Tuesday reported a net profit of Rs 1,360.5 crore from continuing operations in the quarter ended June 30. That marked an increase of 20.46 per cent in the company's net profit compared to the corresponding period a year ago. In a regulatory filing after market hours, the company said its revenue from continuing operations came in at Rs 29,635.95 crore in the April-June period, marking a rise of 9.74 per cent on a year-on-year basis.

The company said the sale of its electrical and automation business by Schneider Electric is likely to be completed within the next one year. “The business has hence been classified as 'discontinued operations',” L&T said.

The company won new orders worth Rs 38,700 crore at the group level during the quarter ended June 30, registering a growth of 11 per cent, according to the filing.

Order wins in the infrastructure and power segments were the major contributors to the order inflow during the quarter, L&T said.

While orders from the central and state governments were affected during the general elections, strong public sector and private sector orders enabled growth for the quarter, it noted.

The group's consolidated order book stood at Rs 2,94,014 crore as of June 30, 2019, with the international order book constituting 21 per cent to the total order book, the company said.

"Focus on resource augmentation in the Union Budget is expected to enable the Government to channelize spending on infrastructure development, rural electrification, airports, railroads, water supply and irrigation, all of which is likely to provide a fillip to the investment momentum in domestic markets," the company said in its statement.

Shares in Larsen & Toubro ended 0.44 per cent higher at Rs 1,410.00 apiece on the BSE, outperforming the benchmark Sensex index which fell 0.13 per cent to an over two-month low.

L&T shares have gained 3.58 per cent since the earnings announcement for the quarter and year ended March 31.

For the financial year 2018-19, which ended on March 31, the industrial group had reported a net profit of Rs 8,905.13 crore, up 20.83 per cent compared to the year-ago period.