L&T earnings highlights: Larsen & Toubro sees strong Q1FY24 results, 34% YoY revenue growth, order inflow surges
Larsen & Toubro (L&T) reported robust financial results for the quarter ended June 30, 2023. The company achieved a 34% YoY growth in consolidated revenues, reaching ₹47,882 crore, with international revenues contributing 40% of the total. The total consolidated Profit After Tax (PAT) stood at ₹2,493 crore, marking a significant increase of 46% compared to the same quarter of the previous year.
During the quarter, L&T received orders worth ₹65,520 crore, demonstrating a strong YoY growth of 57%. The order inflow came from various sectors, including Rail, Renewables, Rural Water Supply, Transmission & Distribution, IT & Office Space, and the Hydrocarbon business. International orders constituted 42% of the total order inflow.
The company's consolidated order book as of June 30, 2023, reached ₹412,648 crore, with international orders accounting for 29% of the total. The Board of Directors approved a proposal for a buyback of equity shares through the tender offer route, amounting to ₹10,000 crore (excluding tax on buyback), subject to shareholder approval. Additionally, the Board approved a special dividend of ₹6 per equity share.
During the quarter ended June 30, 2023, Larsen & Toubro (L&T) reported strong performances in its various segments: Order inflow of ₹40,051 crore, a growth of over 100% YoY, driven by large value orders in diverse sub-segments. Customer revenues of ₹22,058 crore, a YoY growth of 56%, supported by improved execution across projects. EBITDA margin of 5.1%, impacted by job mix and completion of legacy jobs.
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