Larsen & Toubro (L&T) Q4 FY2024 Results: Net profit up 10%, Declares Dividend of Rs 28 per share

Synopsis:

Larsen & Toubro had a strong Q4FY24 with a 10% rise in net profit and a 6% increase in operating profit or EBITDA YoY. Also declared a dividend of ₹28 per share.

Quarter Result Performance

Larsen & Toubro a major engineering conglomerate had a successful financial year ending in March 2024. In the last quarter Q4 they saw a consolidated net profit of approximately ₹4,396 crore, marking a 10.3% increase compared to the same period last year from ₹3,986.78 crore. Sequentially their net profit surged by a 49% from ₹2,947.36 crore.

For the entire financial year FY24, L&T's net profit reached about ₹13,059 crore reflecting a 24.7% growth YoY from ₹10,470.72 crore. Their revenue from operations also saw robust growth reaching ₹2.21 trillion from ₹1.83 trillion at the end of FY23 up by 20.6% YoY. In terms of order inflow L&T secured orders worth ₹72,150 crore in Q4 which was marginally lower of 5% than the previous year. However, their domestic orders increased by 17% YoY with international orders contributing 35% of the total.

For the full financial year, L&T received orders worth ₹3.03 trillion a 31% increase compared to FY23. These orders spanned various sectors including infrastructure, energy, IT and financial services. International orders constituted 54% of the total order inflow.

Breaking down their performance by segments Infrastructure Projects segment secured orders worth ₹1.43 trillion experiencing a growth of 22% YoY. Energy Projects segment witnessed remarkable growth with international orders contributing 87% of the total order inflow. L&T's IT segment recorded customer revenues of ₹44,473 crore reflecting a YoY growth of 7% while the Financial Services Segment saw income from operations of ₹13,109 crore marking a 4% growth YoY.

Development Projects Segment recorded customer revenues of ₹5,620 crore driven by the monetization of commercial property and increased ridership in the Hyderabad Metro.

Overall, L&T's performance in FY24 showcases steady growth across various sectors both domestically and internationally.

S N Subrahmanyan, the chairman and managing director, expressed satisfaction with the company's performance noting that they've ended the year on a strong note. They've received orders totaling over ₹3 trillion and their current order book stands at around ₹4.75 trillion indicating the continued trust of their clients. The company also completed its first ever buyback of equity shares aiming to enhance shareholder value.

Despite global geopolitical challenges India's growth trajectory remains robust, and the company is proud to contribute to this progress. The board has proposed a final dividend of ₹28 per equity share.

About Larsen & Toubro

Larsen & Toubro is a prominent Indian multinational corporation with operations spanning multiple sectors offering diverse products and services. Founded in Mumbai in 1946 by Danish engineers Henning Holck Larsen and Soren Kristian Toubro, the company has emerged as a key player in engineering, technology and construction both in India and globally. L&T is headquartered in Mumbai, India.