Engineering and construction major Larsen and Toubro (L&T) on May 10 reported a consolidated net profit for the quarter ended March 2023 at Rs 3,987 crore, up 10 percent compared to Rs 3,621 crore in the same quarter last year.
Its revenue from operations for the quarter stood at Rs 58,335 crore, registering a growth of 10 percent from Rs 52,851 crore, the company said in an exchange filing. The share of international revenues during the quarter was 39 percent.
As per a Moneycontrol poll, the company’s consolidated revenue for the March quarter was expected to come in at Rs 58,839.13 crore, a growth of 11.3 percent YoY. Net profit was expected to rise 1.6 percent YoY to Rs 4,182.10 crore.
The Board of Directors has recommended a final dividend of Rs 24 per equity share, for the approval of shareholders.
The company said the order inflow for the quarter ended March 31, 2023 stood at Rs 76,099 crore, registering a growth of 3 percent over the corresponding quarter of the previous year. International orders were at
Rs 36,046 crore that constituted 47 percent of the total.
The consolidated order book of the group is at Rs 399,526 crore as on March 31, 2023, with international orders having a share of 28 percent, L&T said. The order book of Rs 399,526 crore represents a growth of 12 percent over Rs 357,595 crore as on March 31, 2022.
For the full year FY23, the order growth was at 19 percent overshooting the order inflow growth guidance of 12-15 percent.
OUTLOOK
Going forward, L&T believes, improved tax collections for the Government will support its Capex-led growth aspiration. Further, bank balance sheets are healthy providing opportunities to lend funds to projects.
"The company will focus with cautious optimism on (a) large project wins
(b) timely execution of its large order book, (c) growth of its services portfolio in the stated glide path and (d) preservation of liquidity and optimum use of capital and other resources," it said. "The Company is optimistic about its growth aspirations in the medium term despite a
uncertain macro environment."
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