L&T Q4 results: Net profit rises 10% to Rs 4,396 cr, revenue up 15%

Engineering conglomerate Larsen & Toubro (L&T) on Wednesday reported a consolidated net profit of Rs 4,396.12 crore for the quarter ending on March 31 (Q4) of financial year 2023-24 (FY24). This was a 10.3 per cent increase year-on-year (Y-o-Y) from Rs 3,986.78 crore. Sequentially, net profit surged 49 per cent from Rs 2,947.36 crore.

The company also reported a 15 per cent increase in revenue from operations at Rs 67,078.68 crore. The conglomerate had reported Rs 58,335.15 crore in revenue during the same period last year. Sequentially, revenue rose 21.6 per cent from Rs 55,127.82 crore in Q3.

For the quarter ended March 31, 2024, L&T recorded an order inflow of Rs 72,150 crore, representing a marginal decrease of five per cent compared to the corresponding quarter of the previous year. However, domestic order inflow grew by 17 per cent Y-o-Y, while international orders constituted 35 per cent of the total.

 

For the entire financial year, L&T clocked in a net profit of Rs 13,059.11 crore, representing 24.7 per cent growth Y-o-Y from Rs 10,470.72 crore. Revenue from operations for FY24 grew 20.6 per cent Y-o-Y at Rs 2.21 trillion, from Rs 1.83 trillion at the end of FY23.

During the FY24, L&T secured orders worth Rs 302,812 crore at the group level, marking a growth of 31 per cent compared to FY23. The orders were received across various segments, including Onshore & Offshore verticals in Hydrocarbon, Metros, Urban Transit Systems, Airports, Roads & Bridges, Residential, Renewables, Transmission & Distribution, and Precision Engineering sectors. International orders accounted for 54 per cent of the total order inflow, the company said in an exchange filing.

In terms of segment-wise performance, the Infrastructure Projects segment secured order inflow of Rs 142,589 crore, witnessing a growth of 22 per cent over the previous year. The Energy Projects segment reported substantial growth of over 100 per cent Y-o-Y, with international orders constituting 87 per cent of the total order inflow.

The IT segment recorded customer revenues of Rs 44,473 crore, reflecting a Y-o-Y growth of seven per cent, while the Financial Services Segment registered income from operations of Rs 13,109 crore, marking a four per cent growth Y-o-Y.

The Development Projects Segment recorded customer revenues of Rs 5,620 crore, driven by monetisation of commercial property and higher ridership in Hyderabad Metro.

Commenting on the performance, S N Subrahmanyan, chairman and managing director said, "The year has concluded on a very strong note for us. We have secured Order Inflows of more than Rs 3 trillion and Order Book is around Rs 4.75 trillion, reflecting the continued trust reposed on us by all our esteemed clients. During the year, we successfully completed the maiden Buyback of Equity Shares, in line with our aim to improve shareholder value."

"Despite the ongoing geo-political turmoil globally, the growth story of India continues to power forward and we as a Company are proud to be an integral part of this change," Subrahmanyan added.

The company board has recommended a final dividend of Rs 28 per equity share.

Shares of the company closed trading at Rs 3,485.2 on the BSE ahead of the company's Q4 results.