Larsen & Toubro (L&T) posted a consolidated net profit of Rs 2,553 crore in Q3 FY23, registering a growth of 24% from Rs 2,055 crore recorded in Q3 FY22.
The PAT includes an exceptional gain of Rs 97 crore (net), attributed to profit on divestment of the Mutual Fund business of the Financial Services segment off-set by a one time charge due to remeasurement of the wholesale loan assets of the Financial Services segment at fair value, L&T said in a statement.The conglomerate recorded revenues of Rs 46,390 crore for the quarter ended 31 December 2022, recording a YoY growth of 17%, aided by improved execution in the Infrastructure Projects segment and continued growth momentum in the IT&TS portfolio. International revenues during the quarter at Rs 17,317 crore constituted 37% of the total revenue.
The company recorded orders worth Rs 60,710 crore at the group level during the quarter ended 31 December 2022, registering a growth of 21% over the corresponding quarter of the previous year. International orders amounted to Rs 15,294 crore during the quarter and comprised of 25% of the total order inflow.
The consolidated order book of the group was at Rs 386,588 crore as on 31 December 2022, with international orders having a share of 26%.
The infrastructure projects segment recorded customer revenues of Rs 21,944 crore for the quarter ended 31 December 2022, registering a YoY growth of 20%, driven by a smooth execution of a large order book. The segment secured order inflows of Rs 32,530 crore in Q3 FY23, registering a significant growth of 28%, as compared to Q3 FY22.
The energy projects segment posted customer revenues of Rs 6,333 crore in Q3 FY23, recording a moderate growth of 7%. The segment secured orders valued at Rs 9,051 crore during the quarter ended 31 December 2022, registering a growth of 12% YoY on receipt of a large domestic offshore oil & gas order in the Hydrocarbon business.
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The Hi-Tech Manufacturing Segment recorded customer revenues of Rs 1,673 crore for the quarter ended 31 December 2022, registering growth of 14% over the corresponding quarter of the previous year. The segment secured orders valued at Rs 1,931 crore during the quarter ended 31 December 2022, registering a decline of 36% over corresponding quarter of the previous year, largely due to subdued ordering witnessed in the Defence Engineering business.
The IT & Technology Services (IT&TS) segment posted customer revenues of Rs 10,517 crore for the quarter ended 31 December 2022, registering a YoY growth of 25%, reflecting continued demand for tech-enabled services. The aggregate revenue of the two listed subsidiaries in this segment at $1,295 million, registered a moderate sequential growth of 2%.
The financial services segment reflects the performance of L&T Finance Holdings, a listed subsidiary. The segment recorded income from operations at Rs 3,349 crore during the quarter ended 31 December 2022, registering a YoY growth of 13%, mainly attributed to higher disbursements in retail business, as the subsidiary continued to focus on its strategy of higher retailisation of the loan book. The total loan book at Rs 88,426 crore grew by 3% as compared with December 2021 at Rs 85,552 crore.
In its outlook, L&T said that it possesses the necessary capability and flexibility to continuously rebalance its approach and strategy in order to benefit from the dynamic business environment. The company is focused on tapping emerging opportunities with its proven competence in the domains of engineering, design, manufacturing, construction, project management, IT and financial services and committed to create sustainable long term value for its stakeholders.
Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.
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