Engineering giant Larsen & Toubro (L&T) on Tuesday said its consolidated net profit jumped 45 per cent year-on-year to Rs 1,702 crore in the June 2022 quarter, compared with Rs 1,174.44 crore a year ago. Its revenue during April-June 2022 stood at Rs 35,853 crore, a 22 per cent jump as compared with the year-ago period.
“The company for the quarter ended June 30, 2022, posted a consolidated profit after tax (PAT) of Rs 1,702 crore, registered a robust growth of 45 per cent over the corresponding quarter of the previous year,” L&T said in a BSE filing.
Larsen & Toubro also said it saw a growth of 22 per cent in revenue on strong execution witnessed in the infrastructure segment and riding on the sustaining growth momentum in the IT&TS portfolio. Its international revenues during the quarter at Rs 13,235 crore constitute 37 per cent of the total revenue.
L&T secured orders worth Rs 41,805 crore at the group level during Q1FY23, registering a growth of 57 per cent over corresponding quarter of the previous year. During the quarter, orders were received across diverse segments like public spaces, metros, water management & waste water, minerals and metal, factories, data centers, defence, power transmission and distribution and hydrocarbon offshore sectors.
The company’s international orders at Rs 17,842 crore during the April-June 2022 quarter comprised 43 per cent of the total order inflow. Its consolidated order book of the group is at a record Rs 3,63,448 crore as on June 30, 2022, with international orders having a share of 28 per cent.
Its operating margin for the first quarter of FY2022-23 came in at 11.04 per cent, compared with 12.34 per cent in the March quarter and 10.81 per cent in the year-ago quarter.
Segment-wise, L&T’s infrastructure projects segment secured order inflows of Rs 18,343 crore, during the quarter ended June 30, 2022, registering growth of 66 per cent compared to corresponding quarter of the previous year with various orders secured across sub segments. International orders at Rs 4,691 crore constituted 26 per cent of the total order inflow of the segment during the quarter.
L&T said its energy projects segment secured orders valued at Rs 4,366 crore during the quarter ended June 30, 2022, registering substantial growth compared to corresponding quarter of the previous year, with receipt of a large order from Middle East in the offshore vertical of hydrocarbon business. International order inflow constituted 91 per cent of the total order inflow of the segment during the quarter.
The company’s IT&TS (IT and technology services) segment recorded customer revenues of Rs 9,424 crore for the quarter ended June 30, 2022, registering a y-o-y growth of 30 per cent reflecting continued growth momentum in the IT&TS sector. International billing contributed 92 per cent of the total customer revenues of the segment for the quarter ended June 30, 2022. The revenue in dollar terms for the three listed entities at $1,219 million, registered a sequential growth of 3 per cent.
On the outlook, the company said, “The Indian economy continues to sustain the strong recovery momentum evidenced by robust monthly high frequency indicators. With the government’s move to cut taxes on petrol and diesel, imposition of export duty on steel and petroleum, restrictions on food exports and the RBI’s recent action of increasing the repo rate should ease the overall inflationary pressure.”
It added that India, however, faces near-term challenges in reining the fiscal deficit and yet manage to sustain the economic growth momentum despite a higher inflation and a more adverse balance of payments situation. “The government’s persistent efforts to jump-start economic
growth through higher infrastructure spend and incentivising domestic manufacturing should yield benefits in the medium term.”
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