Beating analyst estimates, engineering and construction major Larsen & Toubro (L&T) reported a net profit of Rs 5,497 crore in Q4FY25, marking a 25% year-on-year increase. This exceeded analysts’ expectations of Rs 4,545 crore. Sequentially, net profit rose by a strong 63.7%.
However, the company fell short of revenue estimates. It posted a 10.9% year-on-year growth in revenue at Rs 74,392 crore, lower than the estimated Rs 76,298 crore. On a sequential basis, revenue grew 15%.
L&T’s Ebitda for Q4FY25 stood at Rs 8,203 crore, up 13.4% year-on-year. The Ebitda margin improved slightly, rising from 10.8% in Q3 to 11% in Q4.
The company recorded order inflows of Rs 89,613 crore in Q4, reflecting a 24% year-on-year increase. Of this, international orders accounted for Rs 62,739 crore—roughly 70% of the total. “International orders constituted 46% of the March 2025 order book,” L&T stated.
At the group level, L&T secured total orders worth Rs 3,56,631 crore in FY25, representing an 18% year-on-year increase. Of these, international orders contributed Rs 2,07,478 crore, making up 58% of the total.
The consolidated order book reached Rs 5,79,137 crore as of March 31, up 22% year-on-year, with international orders comprising 46% of the total.
For FY26, the company outlined order prospects worth Rs 19 lakh crore, comprising Rs 7 lakh crore in domestic orders and Rs 12 lakh crore in overseas opportunities.
The company’s board has recommended a final dividend of Rs 34 per equity share for FY25.
During the year, L&T secured orders across multiple geographies and sectors including renewables, transmission and distribution, airports, commercial and residential buildings, and metro projects.
“The year concluded on a high note, marking yet another period of outstanding performance. We achieved the highest ever yearly order inflows in the company’s history, which buoys our order book to a record level. Similarly, the strong revenue growth underpins our journey towards achieving operational excellence through innovation and digitalization,” said SN Subrahmanyan, chairman and managing director.
He added that the company made strategic investments during the year to strengthen its new-age businesses in semiconductor technologies and data centers. “Growth in our traditional core business combined with focus on technology-driven new-age businesses will steer the company towards its vision to diversify its portfolio and make itself future-ready,” Subrahmanyan said.
“Driven by continuing public infrastructure investments and a revival in private investments in areas like energy transition, data centers, and real estate, India’s economic growth is expected to continue,” he said.
Additionally, he said, “The government’s prudent fiscal policies and efforts to improve domestic demand, complemented by RBI’s accommodative monetary policy management to anchor inflation within an acceptable range, are expected to improve the momentum and quality of growth.”
“The West Asia continues its investments in traditional areas like oil and gas as well as basic infrastructure, besides earmarking funds for energy transition and non-oil industrialization,” he added.
“On a high base, in the next 12 months we expect orders to grow at 10%,” said Shankar Raman, director and CFO of the company, during a media call.
Raman said that FY26 order prospects are tilted in favour of international markets, due to various programmes that are being launched in many countries. “We do see to play a larger role in that in FY26,” he said.
However, he said the company sees significant order prospects in infrastructure development within the country with new roads are being built and airport expansion.
Raman said it is too early to draw a conclusion on the impact of Indo-Pak tension on infrastructure project awards.
He said unless government comes out on clarification on liability on nuclear energy the small and modular reactors would be at a idealtion stage.