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Larsen & Toubro Ltd.’s (L&T) second-quarter consolidated profit after tax grew 23% to ₹2,229 crore as all major segments of the company reported higher profit.
Revenue grew 23% to ₹ 42,763 crore with execution tailwinds in the Infrastructure Projects segment and sustained growth momentum in the IT&TS portfolio, the company said in a statement.
International revenue at ₹ 15,473 crore constituted 36% of the total revenue.
The company recorded orders worth ₹ 51,914 crore at the group level during the quarter, up 23% over the year-earlier period.
During the quarter, orders were received across multiple segments like Public Spaces, Nuclear Power, Irrigation, Ferrous Metal, Health, Renewables and Refinery sectors, the company said.
International orders at ₹17,341 crore comprised 33% of the total order inflow.
The Infrastructure Projects segment recorded revenue of ₹ 19,370 crore, up 39% y-o-y aided by accelerated execution of projects across various sites. Energy Projects segment posted revenue of ₹5,586 crore, recording a decline of 7% y-o-y. Hi-Tech Manufacturing segment posted revenue of ₹ 1,456 crore , a marginal drop over same period last year.
IT & Technology Services (IT&TS) segment recorded revenue of ₹ 10,151 crore ,registering a year on year growth of 29%. Financial Services segment recorded income from operations at ₹3,152 crore, up 6%, mainly attributed to higher disbursement in retail business.
On the outlook, L&T wholetime director and CFO R Shankar Raman said, “The Indian economy is doing relatively well and is expected to continue its growth momentum, albeit at a slower pace than earlier anticipated. To add to that sentiments in India are positive as compared to the rest of the world.”
“High inflation, coupled with threat of an adverse BoP amidst the increasing uncertain global economic environment are possible headwinds to the country’s growth trajectory. Large value private sector investments that was set for a major revival may get delayed due to the persisting geo-political and global economic turbulence,” he said.
He said the company was confident of the Indian governments’ various reform and economic measures to provide the right investment and growth climate, aided by the country demonstrating resilience to the global challenges.
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