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L&T Q1 results: Net profit rises 45% to 1,702 cr; revenue jumps over 22%

As of June 30, 2022, the group's consolidated order book was at a record of  ₹363,448 crore with international orders having a share of 28%. (Priyanka Parashar/Mint)Premium
As of June 30, 2022, the group's consolidated order book was at a record of 363,448 crore with international orders having a share of 28%. (Priyanka Parashar/Mint)

  • Infrastructure giant, Larsen & Toubro (L&T) registered nearly 45% growth in consolidated net profit of 1,702 crore in the quarter ending June 30, 2022 (Q1FY23) over the corresponding quarter of the previous year. Notably, both PAT and revenue declined by 52.99% and 32.16% sequentially.

Infrastructure giant, Larsen & Toubro (L&T) registered a 44.93% growth in consolidated net profit to 1,702.07 crore in the quarter ending June 30, 2022 (Q1FY23) compared to 1,174.44 crore over the corresponding quarter of the previous year. The latest net profit is attributable to the owners. Consolidated revenue from operations jumped by 22.22% to 35,853.20 crore in the quarter under review as against 29,334.73 crore in Q1 last year. Notably, both PAT and revenue declined by 52.99% and 32.16% sequentially.

The company had posted a net profit of 3,620.69 crore and revenue of 52,850.67 crore in the March 2022 quarter.

During the quarter, L&T secured orders worth 41,805 crore at the group level registering a growth of 57% over the corresponding quarter of the previous year. International orders stood at 17,842 crore during the quarter comprised 43% of the total order inflow.

L&T said, 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.

As of June 30, 2022, the group's consolidated order book was at a record of 363,448 crore with international orders having a share of 28%.

L&T's infrastructure project segment secured order inflows of 18,343 crore in Q1FY23 registering growth of 66% compared to the corresponding quarter of the previous year with various orders secured across sub-segments. International orders at 4,691 crore constituted 26% of the total order inflow of the segment during the quarter. The segment recorded customer revenues of 14,181 crore for the quarter ended June 30, 2022, registering y-o-y growth of 36% aided by improved execution momentum as the Covid-related challenges receded in the current quarter. The EBITDA margin of the segment during the quarter ended June 30, 2022, was at 6.5% vis-à-vis 7.1% recorded in the corresponding quarter of the previous year.

Further, in the energy projects segment, the company secured orders amounting to 4,366 crore in Q1FY23 registering substantial growth compared to the corresponding quarter of the previous year, with receipt of a large order from the Middle East in the Offshore vertical of the Hydrocarbon business. International order inflow constituted 91% of the total order inflow of the segment during the quarter. The business customer revenues were at 5,073 crore in Q1FY23 recording a growth of 3% y-o-y, largely attributed to the pickup of execution momentum in the Power business. Further, in Q1 of this fiscal, the EBITDA margin of the segment stood at 8.5% improving from 7.5% over the corresponding quarter of the previous year, on account of execution cost savings in a few projects.

Meanwhile, in the hi-tech manufacturing segment, the company secured orders aggregating to 3,489 crore in Q1FY23 registering substantial growth y-o-y with receipt of a key order in the Defence Engineering business. Export orders constituted 7% of the total order inflow of the segment during the quarter. The segment's customer revenues were at 1,272 crore in Q1FY23 recording a marginal y-o-y growth of 3%. In Q1 of this fiscal, the EBITDA margin of the segment was at 15.1% declining compared to 19.2% reported in the corresponding quarter of the previous year, since the previous year was higher on the release of cost provisions on completion of a key project and recognition of customer claims.

In the IT & Technology Services segment, the company posted customer revenues of 9,424 crore in Q1FY23 registering a y-o-y growth of 30% reflecting continued growth momentum. The EBITDA margin for the segment was at 22.2% in Q1FY23 as compared to 22.8% in the corresponding quarter of the previous year. Improved operational efficiencies were offset by higher employee cost.

On BSE, L&T shares closed at 1750.45 apiece down by 31.45 or 1.76%. The company's market cap is around 2,45,971.69 crore.

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