Larsen & Toubro (L&T) posted its fiscal fourth quarter profit at Rs 3,986.78 crore, up 10.1 per cent from Rs 3,620.69 crore in the same quarter last year. It recorded revenue from operations at Rs 58,335.15 crore, registering an increase of 10.4 per cent from Rs 52850.67 crore in the fourth quarter of FY22. The Board also recommended a final dividend of Rs 24 per share of the face value of Rs 2 each. For the full year, L&T achieved revenue of Rs 183,341 crore for the year ended March 31, 2023 recording a healthy on-year growth of 17 per cent, aided by strong execution of a large order book in the Infrastructure projects segment and robust momentum in the IT&TS portfolio. Also, international revenues during the year at Rs 68,787 crore constituted 38 per cent of the total revenue.
During the meeting, L&T also announced that AM Naik has decided to step down as the non-executive chairman of the company with effect from September 20, 2023. The company also added, “SN Subrahmanyan, currently the Chief Executive Officer & Managing Director, has been re-designated as the Chairman and Managing Director of the Company with effect from October 1, 2023.” The Board also approved the appointment of Rajnish Kumar and Jyoti Sagar as the independent directors of the company, with effect from May 10, 2023.
L&T’s order book
At the group level, L&T received orders worth Rs 230,528 crore during the financial year. These orders were received across multiple segments like public spaces, hydel & tunnels, irrigation systems, ferrous metals, oil & gas, power transmission & distribution and defence sectors. Meanwhile, international orders stood at Rs 86,523 crore during the year and comprised 38 per cent of the total order inflow. For the fourth quarter of FY23, order inflow was recorded at Rs 76,099 crore and international orders was at Rs 36,046 crore. The consolidated order book of the group was at Rs 399,526 crore as on March 31, 2023, with international orders having a share of 28 per cent.
L&T’s segment wise performance
L&T’s Infrastructure Projects segment secured orders of Rs 41,187 crore during the quarter ended March 31, 2023, registering degrowth of 9 per cent largely due to a high base, over the corresponding quarter of the previous year, it said in the regulatory filing. “International orders constituted 29 per cent of the total order inflow for the quarter. The segment order book stood at Rs 284,850 crore as on March 31, 2023, with the share of international orders at 22 per cent,” it added.
The Energy Projects segment secured orders of Rs 8,892 crore, during the fourth quarter of FY23 registering a growth of 17 per cent as against the same quarter last year. The segment order book was at Rs 72,463 crore, with the international order book constituting 63 per cent.
The Hi-Tech Manufacturing segment secured orders of Rs 8,573 crore, during Q4FY23, up 41 per cent on-year. The order book of the segment was at Rs 26,214 crore, with the share of export orders at 13 per cent.
LTIMindtree Limited, in the IT & Technology Services segment, recorded customer revenues of Rs 10,645 crore for the quarter, recording on-year growth of 21 per cent.
L&T Finance Holdings (LTFH) in the financial services segment recorded income from operations at Rs 3,116 crore during the quarter, up 5 per cent on-year. The total loan book stood at Rs 80,893 crore, down 8 per cent on-year.
The Development Projects segment recorded customer revenues at Rs 1,229 crore, up 12 per cent YoY.