Larsen & Toubro Ltd (L&T) reported fourth-quarter consolidated web revenue grew 10% to ₹3,987 crore year-on-year (Y-o-Y). Revenue from operations grew 10% to ₹58,335 crore.
For the monetary yr ended March 31, the corporate’s reported web revenue rose 21% to ₹10,471 crore.
Revenue from operations at ₹1,83,341 crore climbed 17% Y-o-Y aided by robust execution of a giant order e-book within the Infrastructure initiatives section and a sturdy momentum within the IT&TS portfolio, the corporate mentioned.
International income at ₹68,787 crore constituted 38% of the full income. The Board of Directors has really useful a closing dividend of ₹24 per fairness share.
“FY23 was an eventful and unique year and India stood out because of its GDP growth. Capex-led inclusive growth by the government has helped. We are happy to report all round performance of the company,” mentioned R. Shankar Raman, CFO & Wholetime Director, L&T on a convention name.
“The order inflow came from domestic infrastructure sector that the government is now focusing on. The pipeline that we are pursuing is robust,” he added.
S. N. Subrahmanyan, Chief Executive Officer & Managing Director, L&T in an announcement mentioned,
“We are pursuing the path of divesting our non-core assets and increasing our exposure to energy transition and tech driven businesses.”
“We will continue to strengthen and grow our core portfolio of projects, hi-tech manufacturing and services thereby enabling higher cash generation and distribution to our shareholders,” he mentioned.
For FY24 the corporate has given a income steerage of 12 to 15% and revenue margin steerage 9%.
The firm has additionally introduced that A.M. Naik has determined to step down as Non-Executive Chairman of the corporate with impact from September 30.
“He has been conferred the status of “Chairman Emeritus” by the Board. S.N. Subrahmanyan, at the moment the CEO & MD, has been re-designated because the “Chairman and MD” of the corporate with impact from October 1,” the corporate mentioned in an announcement.
Mr. Naik had served the corporate for greater than 58 years and his stewardship has led to an upsurge in shareholder worth creation.
“He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders. As a robust upholder of the company’s value system, Mr. Naik has played a critical role in ensuring the company retains its unique ethos across decades,” the assertion added.
Answering a query on Mr. Naik’s retirement, Mr. Raman mentioned, “Succession planning has been going on for quite some time. We had to do the inevitable. The board had got the sufficient confidence that though Mr Naik. would retire as group chairman, he will be available to consultations.
This [change in leadership] is nothing beyond normal succession planning. It was engineered in a new manner. We are looking forward to the new leader to guide the company in the coming years.”
Though no official function has been carved was out for Mr. Naik, he would at all times be obtainable for steerage, he mentioned.
The firm has additionally introduced the appointment of Rajnish Kumar and Jyoti Sagar as impartial administrators of the corporate.
For the yr ended March 31, 2023 the corporate acquired orders price ₹2,30,528 crore on the group degree registering Y-o-Y progress of 19%.
During the yr, orders have been acquired throughout a number of segments like Public Spaces, Hydel & Tunnels, Irrigation Systems, Ferrous Metals, Oil & Gas, Power Transmission & Distribution and Defence sectors.
International orders at ₹86,523 crore in the course of the yr comprised 38% of the full order influx.
The order influx for the quarter ended March 31, 2023 stood at ₹ 76,099 crore, registering a progress of three% over the corresponding quarter of the earlier yr. International orders at ₹ 36,046 crore constituted 47% of the full.
The consolidated order e-book of the group is at ₹3,99,526 crore as on March 31, with worldwide orders having a share of 28%. The order e-book of ₹3,99,526 crore represents a progress of 12% over ₹3,57,595 crore as on March 31, 2022.
