Larsen & Toubro Ltd on Thursday reported Q3FY25 profit at Rs 3358.84 crore, recording a growth of 13.96 per cent in comparison to Rs 2947.36 crore during the same quarter of FY24, missing estimates. It posted revenue from operations at Rs 64,667.78 crore, up 17.31 per cent as against Rs 55,127.82 crore during the third quarter of previous financial year, on the back of strong order book and ramp up in execution momentum across its Projects & Manufacturing (P&M) businesses. According to a CNBC TV18 poll, L&T was expected to post Q3 profit at Rs 3762 crore and revenue for the period was estimated at Rs 63,750 crore.
For the nine months ended December 31, 2024, the consolidated revenues at Rs 181,342 crore, up 18 per cent YoY with international revenues during the nine months at Rs 91,070 crore, and this constituted 50 per cent of the total revenues. Consolidated profit stood at Rs 9,540 crore, up 10 per cent YoY.
Order book status: Highest quarterly order inflow
L&T received its highest ever quarterly orders of Rs 116,036 crore at the group level during the quarter ended December 31, 2024, up 53 per cent YoY. During the quarter, it said, orders were received across multiple geographies and diverse sectors like Thermal Power, Renewable, Power Transmission, Precision Engineering, Minerals & Metals, Water, Commercial Buildings and Hydrocarbon Onshore.
International orders were at Rs 62,059 crore during the quarter and this comprised 53 per cent of the total order inflow.
On a cumulative basis, the order inflow for the nine months ended December 31, 2024 stood at Rs 267,018 crore, registering a growth of 16 per cent YoY. International orders, meanwhile, stood at Rs 144,739 crore during the nine months and this constituted 54 per cent of the total.
The consolidated order book of the group as on December 31, 2024 came in at Rs 564,223 crore, up 19 per cent over March 2024, with the share of international orders at 42 per cent.
SN Subrahmanyan, Chairman and Managing Director, L&T, said, “This quarter has ended on a strong note for us. We have achieved the highest ever quarterly order inflow in the company’s history, consequently our order book is at a record high. Our commitment to timely execution, operational excellence and a customer centric approach is reflected in our healthy financial performance. The projects and manufacturing businesses of the company continue to perform well enabled by the improved productivity pursuant to our sustained digital adoption efforts.”
L&T’s Q3 performance across segments
The Infrastructure Projects segment secured order inflow of Rs 49,070 crore during Q3FY25, registering a growth of 14 per cent on YoY basis. International orders constituted 74 per cent of the total order inflow of the segment during the quarter, aided by receipt of major orders in Renewable and Power Transmission & Distribution businesses. The segment order book stood at Rs 361,282 crore as on December 31, 2024.
For the quarter ended December 31, 2024, the customer revenues stood at Rs 32,134 crore, up 15 per cent YoY, majorly attributed to the execution of a large order book. International revenues constituted 42 per cent of the total customer revenues of the segment during the quarter.
The Energy Projects segment secured orders valued at Rs 38,818 crore during the quarter, registering a growth of >100 per cent on a YoY basis, aided by receipt of mega orders in both CarbonLite Solutions and Hydrocarbon businesses respectively. International order inflow constituted 33 per cent of the total order inflow during the quarter. The segment order book was at Rs 145,827 crore as on December 31, 2024, with the international order book constituting 66 per cent. For the quarter in review, the customer revenues at Rs 11,051 crore, up 41 per cent YoY majorly attributed to execution ramp up in international projects.
The Hi-Tech Manufacturing segment secured orders valued at Rs 8,423 crore during Q3, registering a growth of >100 per cent over the previous year, with receipt of a key order in the Precision Engineering & Systems business. The order book of the segment was at Rs 41,769 crore as on December 31, 2024, with the share of export orders at 11 per cent. For Q3FY25, the customer revenues stood at Rs 2,433 crore, up 18 per YoY, with improved progress in jobs of the Precision Engineering & Systems business.
The IT & Technology Services (IT&TS) segment recorded customer revenues of Rs 12,061 crore for the quarter ended December 31, 2024, registering a YoY growth of 8 per cent. International billing contributed 93 per cent of the total customer revenues of the segment for the quarter ended December 31, 2024.
The Financial Services segment recorded income from operations at Rs 3,881 crore during the quarter ended December 31, 2024, registering a YoY growth of 14 per cent, attributed to following a disbursement strategy towards retailisation, market expansion with appropriate risk guardrails. The total loan book came in at Rs 95,120 crore.
The Development Projects segment recorded customer revenues of Rs 1,434 crore during the quarter ended December 31, 2024 registering a growth of 18 per cent YoY basis aided by growth in Nabha Power.