L&T Q3 profit rises on back of strong order execution

Larsen & Toubro’s net profit rose 15% year-on-year to ₹2,947 crore in the December quarter.

This was aided by revenue growth of 19% to ₹55,128 crore for the quarter ended 31 December 2023. The double-digit revenue growth was aided by the ramp up in execution of the strong order book in the projects and manufacturing portfolio. Meanwhile, international revenue during the quarter stood at ₹24,300 crore, constituting 44% of the total revenue.

The company received orders worth ₹75,990 crore at the group level – registering a robust growth of 25% on a year-on-year basis. “During the quarter, orders were received across various businesses like Offshore vertical of Hydrocarbon, Solar EPC & Power Transmission, Water Utilities, Buildings & Factories and Minerals & Metals sectors,” said the management.

Also, in Q3FY24, the company forayed into fabless semiconductor chip design. “Our bold strides in new age sectors, including Digital Platforms, Data Centres, and Green Energy will pivot us into a technology – led conglomerate,” said the management.

The management added that the company is currently witnessing improvement in capex spends in both its primary geographies of India and Middle East. “Despite continued global macroeconomic and geopolitical volatility we remain positive about the investment spends continuing in the medium term.,” said the management.