Growth Momentum Continues & Order Inflow, Revenue & PAT at 8%,15%, 12% respectively
Bengaluru – July 24, 2024 : Larsen & Toubro achieved Consolidated Revenues of ₹ 55,120 crore for the quarter ended June 30, 2024 registering a y-o-y growth of 15% with robust execution witnessed in the Projects & Manufacturing (P&M) portfolio on the back of a large order book. International revenues during the quarter at ₹ 26,248 crore constituted 48% of the total revenues.
The Company for the quarter ended June 30, 2024, posted a Consolidated Profit After Tax (PAT) of ₹ 2,786 crore, registering growth of 12% compared to the previous year.
Further, the Company received orders worth ₹ 70,936 crore at the group level during the quarter ended June 30, 2024, registering a y-o-y growth of 8% aided by the strong ordering momentum in the Middle East. During the quarter, orders were received across multiple segments like Offshore vertical of Hydrocarbon business, Renewables, Transmission & Distribution, Roads, Nuclear Power, Hydel & Tunnel, Ferrous Metals, Health, and the Precision Engineering sectors. International orders at ₹ 32,598 crore during the quarter comprised 46% of the total order inflow.
The consolidated order book of the group as on June 30, 2024, is at ₹ 490,881 crore registers growth of 3% over Mar’24 and 19% y-o-y, with the share of international orders at 38%.
Commenting on the results, S.N. Subrahmanyan, Chairman and Managing Director said: “We have achieved steady growth across all financial parameters in Q1 FY 2024-25, despite the geopolitical situation across the globe. Amidst various transformational shifts happening worldwide, we are well-positioned to grasp these opportunities with our expertise in our traditional P&M business and technology driven new-age businesses. The Financial Services portfolio has achieved a remarkable transformation into Retail Finance with improved profitability. To enhance our presence in theSemiconductor sector, we have recently entered into a share purchase agreement with SiliConch Systems, a Bengaluru based chip design company.
As a testament to our exceptional credit quality and robust financial health, two coveted global credit rating agencies – S&P and Fitch – have assigned ‘BBB+’ rating to the company. This is two notches above the sovereign rating. Further, MSCI ESG Research has upgraded our ESG rating to ‘BBB’ for improved performance on Environment, Social & Governance parameters.
The Union Budget released yesterday presented a detailed roadmap towards pursuit of a Viksit Bharat by 2047. With the expected policy continuation in India, the tailwinds in the Indian economic growth is likely to continue which will facilitate the Group to achieve its Lakshya 26 targets.”
