Larsen & Toubro (L&T), the construction and engineering giant, reported a notable 15% increase in net profit, reaching Rs 2,947 crore for the October-December quarter of the current financial year compared to the corresponding period in the previous year.
The company disclosed consolidated revenues of Rs 55,128 crore for the third quarter, marking a substantial 19% rise over the same quarter in the preceding year. This growth was attributed to the heightened execution of the robust order book within the Projects and Manufacturing portfolio.
During this quarter, international revenues accounted for Rs 24,300 crore, constituting 44% of the total revenue, as mentioned by the company.
L&T further revealed that it secured orders worth Rs 75,990 crore at the group level in the quarter ending December 31, 2023, reflecting a robust 25% year-on-year growth. Orders were diversified across various sectors, including the Offshore vertical of Hydrocarbon, Solar EPC & Power Transmission, Water Utilities, Buildings & Factories, and Minerals & Metals.
International orders during the quarter amounted to Rs 50,562 crore, making up 67% of the total order inflow.
On a cumulative basis, the order inflow for the nine months ending December 31, 2023, reached Rs 230,662 crore, showcasing a remarkable growth of 49% over the corresponding period in the previous year. International orders constituted 60% of the total, amounting to Rs 137,894 crore.
As of December 31, 2023, the consolidated order book stands at Rs 469,807 crore, with international orders holding a share of 39%, according to L&T.
S.N. Subrahmanyan, Chairman and Managing Director of L&T, expressed satisfaction with another quarter of strong performance despite challenges from a volatile global environment and supply chain constraints. He emphasized the company's foray into fabless semiconductor chip design during the quarter, marking strides in new-age sectors such as Digital Platforms, Data Centres, and Green Energy, positioning L&T as a technology-led conglomerate.
(With Agency Inputs)
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