L&T’s Q4 net profit rises 10% to Rs 4,396 Crore

Engineering and construction major Larsen & Toubro (L&T) on Wednesday reported a 10.2 per cent rise in consolidated net profit at Rs 4,396.12 crore in the March 2024 quarter, on higher revenues.

The company had posted a consolidated net profit of Rs 3,986.78 crore in the year-ago period.

The company’s consolidated revenue rose to Rs 68,120.42 crore in the last March quarter, compared to Rs 59,076.06 crore in the same period last year, L&T said in a filing to BSE.

”The year ended very strongly for us. We have secured order inflows of over Rs 3 lakh crore and the order book stands at approximately Rs 4.75 lakh crore, which reflects the continued trust reposed in us by all our valued customers.

”During the year we successfully completed the first share buyback, in line with our aim to enhance shareholder value. Furthermore, in addition to the special dividend of Rs 6 per share paid to our shareholders during the year, we recommend a final dividend of Rs 28 per share for the financial year 2023-24,” said company Chairman and Managing Director SN Subrahmanyan . said.

In a statement, the company said that for the quarter ended March 2024, profit after tax (PAT) stood at Rs 4,396 crore, registering a growth of 10 percent year-on-year.

The company’s board has recommended a final dividend of Rs 28 per equity share for shareholders’ approval.

L&T received orders worth Rs 3,02,812 crore at group level in the year ended March 2024, registering a growth of 31 per cent.

During the conference call, Chief Financial Officer Shankar Raman said the company has achieved robust all-round order inflows in FY24.

During the year, orders were received across multiple segments such as onshore and offshore verticals in hydrocarbon, metros, urban transit systems, airports, roads and bridges, residential, renewables, transmission and distribution and precision engineering sectors.

International orders of Rs 1,63,112 crore during the year accounted for 54 percent of the total order inflows, with higher order momentum from Gulf Cooperation Council (GCC) countries.

The infrastructure projects segment recorded an order inflow of Rs 1,42,589 crore in the year ended March 2024, registering a 22 percent year-on-year growth.

The power projects segment has secured orders worth Rs 73,788 crore in the year ended March 2024, registering a growth of over 100 per cent.

Raman further said that the monetization of the transit-oriented development is progressing well and it will be an important part of the strategy to improve the company’s profitability and also make it less indebted. The company has done a few rounds of that and there are a few more rounds waiting for government approval, and again we hope to get it after the election.

The company, he said, is looking at FY25 with optimism.

L&T said it will continue to invest in skills enhancement.

On the company’s divestment plan in FY25, he said: “We have divested the large businesses. The FY25 plans would largely revolve around the restructuring of Hyderabad Metro.” He further said, ”Ram Mandir we hope to complete by March 2025.” On the outlook, the company said India’s growth momentum is likely to continue in the medium term. This timeline is underpinned by continued strength in domestic demand, easing of inflationary pressures, targeted fiscal spending by the government and a strong revival in industrial production through new age greenfield investments and brownfield expansion across sectors.

Larsen & Toubro is an Indian multinational engaged in engineering, procurement and construction (EPC) projects, hi-tech manufacturing and services. It operates in more than 50 countries.

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