Larsen & Toubro (L&T) reported strong financial results for the quarter ending June 30, 2024. The company achieved consolidated revenues of ₹55,120 crore, marking a 15% growth compared to the same quarter last year. This growth was driven by successful project execution and manufacturing activities, supported by a large order book. Of the total revenues, ₹26,248 crore, or 48%, came from international operations.
The company posted a consolidated profit after tax (PAT) of ₹2,786 crore for the quarter, showing a 12% increase year-on-year. L&T received orders worth ₹70,936 crore, an 8% rise compared to last year, with significant contributions from the Middle East. Orders were received in various sectors, including hydrocarbon, renewables, transmission and distribution, roads, nuclear power, and health.
L&T’s total order book as of June 30, 2024, stood at ₹490,881 crore, a 3% increase from March 2024 and a 19% increase year-on-year, with international orders making up 38% of the order book. The Energy Projects segment secured orders worth ₹8,792 crore, marking a 21% growth year-on-year, with customer revenues reaching ₹8,495 crore, a 27% increase, and an EBITDA margin of 8.7%.
The Hi-Tech Manufacturing segment saw orders totaling ₹3,677 crore, more than doubling from the previous year, while revenues grew by 4% to ₹1,845 crore, with an EBITDA margin of 17.4%. IT & Technology Services recorded revenues of ₹11,505 crore, a 6% increase despite a challenging global economy, and an EBITDA margin of 20%. Financial Services experienced a 21% increase in income, reaching ₹3,664 crore, with the loan book growing by 13% year-on-year and retail loans making up 95% of the total; the segment’s profit before tax rose by 29% to ₹922 crore.
Development Projects saw a 3% revenue increase to ₹1,327 crore, with EBIT rising by 20% to ₹147 crore, and L&T completed the sale of its stake in L&T Infrastructure Development Projects Limited in April 2024. The Others segment, including realty, industrial valves, construction equipment, and rubber processing machinery, reported revenues of ₹1,375 crore, a 37% decrease due to lower residential unit handovers, with an EBITDA margin of 23.4%.
S.N. Subrahmanyan, Chairman and Managing Director of Larsen & Toubro, expressed satisfaction with the company’s performance. He noted the steady growth across financial metrics, despite global geopolitical challenges, and emphasized L&T’s readiness to seize new opportunities in both traditional and technology-driven businesses. He highlighted the transformation of the Financial Services portfolio into Retail Finance, achieving improved profitability.
Larsen & Toubro (L&T) is a major Indian multinational company headquartered in Mumbai, known for its significant contributions to engineering, construction, manufacturing, and technology. Established in 1938, L&T has grown to become a leading force in infrastructure development, both in India and globally. The company operates in various sectors, including heavy engineering, electrical and automation, IT and technology services, financial services, and infrastructure development.
With a strong emphasis on innovation and sustainability, L&T has been involved in numerous landmark projects, ranging from large-scale power plants and transportation systems to advanced defense solutions. The company’s diverse portfolio and commitment to quality and excellence have established it as a trusted name in the industry.
