L&T clocks 15% increase in Q3 net profit at Rs 2,947cr

New Delhi: Construction and engineering giant Larsen & Toubro (L&T) on Tuesday reported a 15 per cent increase in net profit at Rs 2,947 crore for the Oct-Dec quarter of the current financial compared to the same period of the previous year.

The company said that it has achieved consolidated revenues of Rs 55,128 crore for the third quarter, recording a 19 per cent rise over the same quarter last year which is aided by ramp up in execution of the strong order book in the Projects and Manufacturing portfolio.

“International revenues during the quarter at Rs 24,300 crore constituted 44 per cent of the total revenue,” the company said.

The company said it received orders worth Rs 75,990 crore at the group level during the quarter ended December 31, 2023, registering a robust growth of 25 per cent 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. International orders at Rs 50,562 crore during the quarter comprised 67 per cent of the total order inflow,” the company said.

It said that on a cumulative basis, the order inflow for the nine months ended December 31, 2023 stood at Rs 230,662 crore, registering a growth of 49 per cent over the corresponding period of the previous year.

“International orders at Rs 137,894 crore during the nine months constituted 60 per cent of the total. The consolidated order book is at Rs 469,807 crore as on December 31, 2023, with international orders having a share of 39 per cent,” the company said.

L&T Chairman and Managing Director S.N. Subrahmanyan said that they have registered another quarter of strong performance, despite the headwinds from a volatile global environment and consequent supply chain constraints.

“Our nine month order inflow has crossed the FY23 level. This is a testament to our wide capability spectrum, diversified presence, financial strength and most importantly the faith reposed in us by our customers,” he said.

He said that during the quarter ended December 2023, we made a foray 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.