Q2FY24 Quarterly & H1FY24 Bi-Annual Result Announced for Larsen & Toubro Ltd.
Construction & Engineering company Larsen & Toubro announced Q2FY24 & H1FY24 results: Consolidated Q2FY24: Revenues for the quarter: Rs 51,024 crore, marking a notable 19% YoY growth. The growth was attributed to improved execution of a substantial order book and accelerated progress in the Projects and Manufacturing portfolio. International revenues during the quarter: Rs 21,898 crore, which accounted for 43% of the total revenue. Profit After Tax (PAT) for the quarter: Rs 3,223 crore, indicating a significant growth of 45% compared to the same quarter of the previous year. New orders received during the quarter: Rs 89,153 crore, a robust growth of 72% YoY. These orders spanned various segments, including Onshore verticals of the Hydrocarbon business, Urban Transit systems, Transmission & Distribution, and Residential & Commercial Space. International orders constituted 67% of the total order inflow. Consolidated H1FY24: Revenues for the half-year: Rs 98,906 crore, reflecting a substantial 26% YoY growth. International revenues during the half-year: Rs 40,921 crore, making up 41% of the total revenue. Profit After Tax (PAT) for the half-year: Rs 5,716 crore, showing a growth of 45% YoY. Cumulative order inflow for the half-year: Rs 1,54,672 crore, a significant increase of 65% over the same period in the previous year. The consolidated order book as of September 30, 2023, stood at Rs 4,50,734 crore, with international orders accounting for 35% of the total. Commenting on the results, S.N. Subrahmanyan, Chairman and Managing Director said, “Our strong operating and financial performance this quarter exhibits the resilience of the Company’s business model despite the ongoing volatile geo-political situation. All our businesses – Projects, Manufacturing, and Services have grown. During the quarter, we received the highest-ever order inflows in the history of the Company. This shows the faith our customers place in us and is a reflection of our capability to perform and deliver projects on time. The Company now tops the list of international EPC Contractors working in the MENA region regarding value for projects under execution. This is a testament to our capabilities as a diversified conglomerate across various geographies. The Company has completed the first-ever Buyback of Equity Shares during the quarter, in alignment with our long-term Lakshya 2026 plan to enhance shareholder value. In the near term, we remain cautiously optimistic, considering the recent geopolitical developments. However, we do expect sustained buoyancy of Services and Indian Government’s thrust on capex to continue.” Result PDF02-11-2023
