L&T Q4 results: Profit jumps 10% to Rs 3,987 crore; AM Naik steps down as Non-Executive Chairman

Engineering and construction major Larsen & Toubro Ltd (L&T) on Wednesday said its consolidated net profit jumped 10 per cent year-on-year (YoY) to Rs 3,987 crore for the March quarter. The S N Subrahmanyan-led company reported a Rs 3,621 crore profit in the same quarter last year.

Revenue for the quarter rose 10 per cent YoY to Rs 58,335 crore compared with Rs 52,851 crore in the corresponding quarter last year. Ebitda margin for the quarter came in at 11.7 per cent against 12.3 per cent in the year-ago quarter.

L&T said A M Naik has decided to step down as Non-Executive Chairman of L&T with effect from September 30.  He has been conferred the status of “Chairman Emeritus” by the board.  SN Subrahmanyan currently the Chief Executive Officer & Managing Director, has been re-designated as the “Chairman and Managing Director” of the company with effect from October 1.L&T said its order inflow for the quarter stood at Rs 76,099 crore, up 3 per cent YoY. International orders stood at Rs 36,046 crore and constituted 47 per cent of the total orders, the company said in a BSE filing.

L&T received orders worth Rs 230,528 crore at the group level for the year ended March 31, registering a growth of 19 per cent. 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, L&T said. International orders stood at Rs 86,523 crore and comprised 38 epr cent of the total order inflow.

The infrastructure projects segment secured orders of Rs 41,187 crore, during the quarter ended March 31, 2023, registering degrowth of 9 per cent, largely due to a high base, over the corresponding quarter of the previous year. International orders constituted 29 per cent of the total order inflow for the quarter.

The Energy Projects segment secured orders of Rs 8,892 crore, during the quarter, up 17 per cent YoY on the receipt of multiple international orders in Hydrocarbon business. International orders constituted majority of the total order inflow for the quarter. The segment order book was at Rs 72,463 crore as on March 31, with the international order book constituting 63 per cent of total orders.

Shares of L&T closed the day at Rs 2,366.75 on BSE, down 0.30 per cent. The stock is up 13.31 per cent year-to-date.