Larsen & Toubro Ltd. (L&T) reported consolidated first-quarter net profit grew 46% to ₹2,493 crore year-on-year owing to higher all-round efficiency and stability sheet administration.
Revenue for the quarter elevated 34% to ₹ 47,882 crore. International income in the course of the quarter at ₹19,022 crore constituted 40% of the overall income.
Share buyback
The firm’s board on Tuesday accepted a buyback of shares value ₹10,000 crore for a most worth of ₹3,000 per share and introduced a particular dividend of ₹6 per share to reward buyers. It would be the firm’s first buyback of shares if the method goes via easily.
“We closed the quarter with an all-round performance. Capex buoyancy in India & GCC (Gulf Cooperation Council) is providing the much-needed tailwinds for growing our “Projects & Manufacturing” portfolio, ably supported by the resilient efficiency of the “Services” companies,” mentioned S. N. Subrahmanyan, CEO & MD, L&T in a press release.
“The Q1FY24 performance is on the back of robust topline and bottom-line growth, supported by excellent balance sheet management, resulting in improved return ratios. We are walking the talk by returning surplus cash to shareholders in our journey to improve the Group return ratios over the Lakshya Strategic Plan period ending FY26,” he mentioned.
“The group’s focus continues to be on cash generation, planned capital allocation and on enhancing shareholder’s wealth.” he added.
During the quarter, the corporate acquired orders value ₹65,520 crore on the group stage, up 57% Year on Year (YoY). Orders had been acquired throughout segments like Rail, Renewables, Rural Water Supply, Transmission & Distribution, IT & Office Space and Onshore & Offshore verticals of the Hydrocarbon enterprise. International orders at ₹ 27,646 crore comprised 42% of the overall order influx.
The consolidated order e-book of the group is at ₹4,12,648 crore, with worldwide orders having a share of 29%.
The Infrastructure Projects section secured order influx of ₹40,051 crore, up greater than 100% YoY. International orders at ₹13,872 crore constituted 35% of the overall order influx of the section. The section order e-book stood at ₹301,159 crore, with the share of worldwide orders at 24%.
The section posted buyer revenues of ₹22,058 crore, up 56% YoY led by improved execution momentum. The EBITDA margin of the section was at 5.1% vis-à-vis 6.5% recorded a yr in the past.
The firm’s Energy Projects section secured orders valued at ₹7,245 crore , up 66% YoY. The section achieved buyer revenues of ₹ 6,682 crore, up 32% YoY. The EBITDA margin of the section at 9.1% improved in contrast with 8.5% within the yr in the past interval.
The Hi-Tech Manufacturing section secured orders valued at ₹1,051 crore registering a decline of 70%. The section posted buyer revenues of ₹1,781 crore, up 40% YoY. The EBITDA margin at 16.8% registered development, in contrast with 15.1% a yr in the past.
The IT & Technology Services (IT&TS) Segment recorded buyer revenues of ₹ 10,851 crore, up 14% YoY. The mixture income of the 2 listed subsidiaries (LTIMindtree and L&T Technology Services Ltd ) at $1,339 million registered YoY development of 8% in Dollar phrases. The EBITDA margin for the section was at 20.6% as in contrast with 21.9% a yr in the past.
The Financial Services Segment recorded earnings of ₹3,020 crore, up 2% YoY. The section PBT elevated to ₹ 714 crore as in contrast with ₹ 356 crore a yr in the past.
On the outlook, R. Shankar Raman, CFO, L&T mentioned, “The company will continue its planned trajectory of profitable and return accretive growth. Focus will remain on cash generation and judicious capital allocation.”
“The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” he added.
