On Wednesday, the engineering and construction giant Larsen & Toubro (L&T) announced that its consolidated net profit for the January-March quarter (Q4) of 2022–23 increased 10% year-over-year to Rs 3,987 crore.
A year ago, the business conglomerate posted a net profit of Rs 3,621 crore for the same quarter.
The company’s consolidated revenue for the March quarter increased 10% year-over-year to Rs 58,335 crore.
The Board of Directors of L&T has recommended to shareholders a final dividend of Rs. 24 per equity share.
The company’s consolidated revenues for the fiscal year that ended on March 31, 2023, totaled Rs 1,83,341 crore, a 17% increase year over year thanks to strong execution of a sizable order book in the infrastructure projects segment and persistent momentum in the IT&TS portfolio.
The engineering giant’s international sales for the year amounted to Rs 68,787 crore, or 38% of total sales.
The group posted a total consolidated profit after tax (PAT) of Rs 10,471 crore for the fiscal year ending on March 31, 2023, a 21% increase over the previous year. The PAT includes a net exceptional gain of Rs 97 crore attributable to the profit on divestment of the mutual fund business of the financial services segment, partially offset by a one-time charge attributable to the remeasurement of the wholesale loan assets of the financial services segment at fair value.
The company received orders totaling Rs 2,30,528 crore at the group level during the fiscal year ending March 31, 2023, representing a robust year-over-year increase of 19%.
“During the year, orders were received across multiple segments like public spaces, hydel & tunnels, irrigation systems, ferrous metals, oil & gas, power transmission & distribution and defence sectors,” the company said.
International orders totaling Rs 86,523 crore constituted 38% of total orders received during the year.
As of March 31, 2023, the group’s consolidated order book was worth Rs 399,526 crore, with international orders accounting for 28%.
L&T stated in its outlook for the future that it will concentrate on large project victories, the timely execution of its large order book, the development of its service portfolio along the stated glide path, the preservation of liquidity, and the most efficient use of capital and other resources.
“The company is optimistic about its growth aspirations in the medium term despite an uncertain macro environment and is committed to creation of sustainable value to all its stakeholders,” it said.
Aryan Jakhar works as an Editor-in-Chief at The Shining Media. Also, he is an editor at YouthPolitician (digital media situated in Taiwan). He writes his opinions on social issues at YouthKiAwaaz and also on his blogger website.