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l&t q3 earnings: L&T Q3 Results: Net profit rises 15% YoY to Rs 2,947 crore - StuffsEarth
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January 30, 2024 Mumbai: Engineering major Larsen & Toubro Ltd on Tuesday reported a 15% rise in consolidated net profit on the back of better infrastructure project execution and growth in IT and tech services business.
Net profit came in at Rs 2,947 crore against Rs 2553 crore in the year-ago period. Revenue zoomed to Rs 55,128 crore, up 19% from a year ago period.
During the quarter, the company received orders worth Rs 75,990 crore at the group level registering a growth of 25% on a year-on-year basis.
Orders were received across businesses like offshore verticals of hydrocarbon, solar EPC & Power Transmission, Water Utilities, Buildings & Factories, and Minerals & Metals sectors. International orders at ₹ 50,562 crore during the quarter comprised 67% of the total order inflow.
“We have registered yet another quarter of strong performance, despite the headwinds from a volatile global environment and consequent supply chain constraints,” said S.N. Subrahmanyan, Chairman and Managing Director.
He added that the company is currently witnessing improved Capex spending in both our primary geographies of India and the Middle East. “Despite continued global macroeconomic and geopolitical volatility, we remain positive about the investment spending continuing in the medium term.”L&T’s scrip ended at Rs 3633.20 crore, down 2.02% on the BSE. Benchmark Sensex ended 1.11% lower.It said that on a cumulative basis, the order inflow for the nine months ended December 31, 2023, stood at Rs 230,662 crore, registering a growth of 49% over the corresponding period of the previous year.
L&T’s chief financial officer R Shankar Raman Raman on a media call said that L&T expects its operating margin to start improving from the next financial year as orders won at aggressive prices in 2022-23 will complete execution and new orders start being carried out.
“I guess over the next 2-3-4 quarters, you will find the margin trajectory improving…but that will depend on when these projects reach those milestone completions.”
The group’s consolidated order book was at Rs 469,807 crore as of the end of December, with international orders having a share of 39%. Last year, L&T ended the same period with a group consolidated order book of Rs 386,588 crore.
The Hi-Tech Manufacturing Segment order book stood at Rs 25,758 crore as of December 31, 2023, with the international order book constituting 8%.
Raman said that order inflow in the company’s Hi-Tech Manufacturing segment has been slow in the first half of FY24 due to the delays in the government awarding defense contracts.
“Going forward we expect the government to aggressively come out with defense orders which will help order inflow of our Hi-Tech Manufacturing segment,” Raman said.
Going forward, the company expects public capital expenditure to witness a temporary slowdown due to the general elections in 2024. It added that the global economy remains volatile with continuing military engagement in Europe and West Asia, disrupting the supply chain and global movements.
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