India's largest infrastructure company Larsen & Toubro Limited on May 12 reported a 10 percent year-on-year rise in consolidated net profit at Rs 3,621 crore, which was below analysts' expectations.
The infrastructure giant's consolidated revenue from operations rose 10 percent on-year to Rs 52,851 crore for the reported quarter, missing analysts' expectations.
Profit was estimated at Rs 3,950 crore on revenue of Rs 53,100 crore for the quarter, according to the average estimates of analysts polled by CNBC-TV18.
The company said it has bagged orders worth Rs 73,941 crore during the quarter ended March 2022, a growth of 46 percent over the corresponding quarter of last fiscal, with international orders contributing 44 percent of the total order inflow.
L&T secured nearly Rs 1.93 lakh crore worth orders at the group level during the year, which grew by 10 percent over the previous year. "Major traction was seen in the international region, especially from the Middle East, where the company bagged large value orders during the year," the company said.
With this, the consolidated order book of the group was at record levels, at Rs 3.57 lakh crore as of March 2022, with international orders having a share of 27 percent, L&T said.
The operating performance for the quarter also missed analysts' expectations. EBITDA grew by 2.1 percent year-on-year to Rs 6,520.5 crore and margin improved by 10 bps to 13.3 percent in the quarter ended March 2022, against CNBC-TV18 poll estimates of Rs 6,820 crore and 12.8 percent respectively.
The engineering and infrastructure major recorded a consolidated profit of Rs 8,669 crore for the year ending March 2022, down 25 percent compared to the previous year.
Consolidated revenues of Rs 1.56 lakh crore for FY22 recorded a YoY growth of 15 percent with strong execution in project business aided by continuing growth momentum in the IT&TS portfolio.
"A robust order book, strong balance sheet, a well-diversified business portfolio, and proven execution capabilities enable the Company to steer through the current challenging environment while retaining its leadership position," L&T said.
The final dividend announced by the company was Rs 22 per share.
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