 "L&T acquires 12.25% stake worth Rs 12.5 crore in quality management firm")
Engineering and construction major Larsen & Toubro (L&T) has acquired 12.5 million equity shares, representing a 12.25 per cent stake, in the Indian Foundation for Quality Management (IFQM), the company said in an exchange filing on Friday. The acquisition, worth Rs 12.5 crore, aligns with L&T’s broader mission to elevate the global perception of ‘Brand India’ by enhancing product and service quality across various sectors.
In its filing, L&T said that the shares were allotted on Thursday. The company added that this move strengthened L&T’s commitment to fostering a culture of excellence and global standards within the Indian industry.
Indian Foundation for Quality Management
Founded in 2023, the Indian Foundation for Quality Management (IFQM) is a not-for-profit organisation incorporated under Section 8 of the Companies Act, 2013. IFQM offers expertise and solutions that help businesses continuously improve their products and services, thereby enhancing India’s global standing in terms of quality.
L&T’s Q1FY25 performance
In the June quarter (Q1FY25), L&T Ltd reported a consolidated net profit of Rs 2,786 crore, marking an 11.7 per cent year-on-year increase, driven by improved order execution and higher revenue. L&T’s revenue for the period rose by 15.1 per cent to Rs 55,210 crore.
The company’s management has maintained its guidance for FY25, expecting a 15 per cent increase in revenue and a 10 per cent rise in order inflow, with core margins projected at 8.25 per cent.
R Shankar Raman, the company’s chief financial officer, at the time emphasised that L&T was looking ahead to energy transition opportunities. He stated that the company would re-brand and re-purpose its power business as ‘carbon-lite’ to focus on initiatives such as carbon capture, in line with global efforts towards sustainability.