₹2,670.00 apiece on the BSE. The engineering and construction major L&T posted a consolidated net profit of ₹2,493 crore in the first quarter of FY24, higher by 46% than ₹1,702 crore during the corresponding quarter in the previous fiscal year. L&T reported 34% YoY growth in consolidated revenues, reaching ₹47,882 crore from ₹35,853 crore, with international revenues contributing 40% of the total.
During Q1FY24, L&T received orders worth ₹65,520 crore, registering a strong YoY growth of 57%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 23% in Q1FY24 to ₹4,869 crore from ₹3,953 crore during the same quarter last year. The EBITDA margin declined marginally to 10.2% from 11%, YoY.
Read here: L&T Q1 Results: Net profit rises 46% to ₹2,493 crore, revenue up by 34% L&T on Tuesday also announced a share buyback plan worth as much as ₹10,000 crore from its public shareholders, the engineering giant’s first such offer in its eight-decade-long history. The company may offer to buy back a 2.4% stake, or 33.33 million of shares, held by public shareholders through a book building process on the stock exchange. The conglomerate will offer up to ₹3,000 per share to shareholders willing to tender their shares in the buyback.
Read here: L&T announces first ever buyback worth ₹10,000 crore Global brokerage firm Morgan Stanley maintained ‘Overweight’ rating on the L&T with a target price of ₹2,850 per share. It said that execution in core business came as a surprise. It revised FY24 core revenue growth estimate to 18% from 15%.
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