Larsen & Toubro (L&T) announced a 14% year-on-year increase in its consolidated net profit for the third quarter of the fiscal year ending December 2024 (Q3FY25), reaching ₹3,358.84 crore, up from ₹2,947.36 crore in the same quarter last year. However, compared to the previous quarter, the consolidated net profit experienced a slight decline of 1.07%.
For the nine months ending December 31, 2024, consolidated revenues totaled ₹ 181,342 crore, marking an 18% increase year-on-year, with international revenues at ₹ 91,070 crore, representing 50% of the total. The company’s consolidated profit after tax (PAT) for the quarter was ₹ 3,359 crore, a 14% growth compared to the same quarter last year. For the nine-month period, PAT stood at ₹ 9,540 crore, reflecting a 10% year-on-year increase.
In the fourth quarter, the company secured its highest-ever quarterly orders at ₹ 116,036 crore, a significant 53% increase year-on-year. Orders spanned various sectors, including Thermal Power, Renewable Energy, Power Transmission, Precision Engineering, Minerals & Metals, Water, Commercial Buildings, and Hydrocarbon Onshore. International orders accounted for ₹ 62,059 crore, or 53% of total inflow.
Cumulatively, order inflow for the nine months was ₹ 267,018 crore, an increase of 16% year-on-year, with international orders making up ₹ 144,739 crore or 54% of the total. As of December 31, 2024, the consolidated order book reached ₹ 564,223 crore, reflecting a 19% growth from March 2024, with international orders constituting 42%.
S.N. Subrahmanyan, Chairman and Managing Director, commented: “This quarter has concluded strongly for us, achieving the highest quarterly order inflow in our history, resulting in a record-high order book. Our focus on timely execution and operational excellence is evident in our solid financial performance. Our P&M divisions continue to excel, benefiting from improved productivity linked to our ongoing digital adoption efforts.”
During the quarter, we acquired a strategic stake in E2E Networks to harness opportunities in AI and digital transformation, providing secure cloud services that align with our vision for future technological advancements.
The upcoming Union Budget is anticipated to focus on infrastructure development, technology adoption, skill enhancement, and supportive policies for Energy Transition, which will drive the Indian economy. We expect growth in the Middle East’s infrastructure alongside continued monetization of Oil & Gas assets. Amid this landscape, we will pursue excellence and leverage our strengths to capture new opportunities while maintaining resilience.”
The Infrastructure Projects segment secured an order inflow of ₹49,070 crore during the quarter, reflecting a 14% year-on-year growth. A significant portion of these orders, about 74%, came from international markets, primarily driven by major contracts in the Renewable Energy and Power Transmission sectors. This strong performance highlights the company’s expanding global footprint and its strategic focus on large-scale infrastructure projects.
The Energy Projects segment reported an impressive order inflow of ₹38,818 crore, more than doubling on a year-on-year basis. This growth was fueled by substantial contracts in CarbonLite Solutions and the Hydrocarbon sector. Notably, international orders accounted for 33% of the total inflow, showcasing the company’s growing influence in global energy markets and its expertise in executing large energy projects.
The Hi-Tech Manufacturing segment also witnessed significant growth, securing ₹8,423 crore in orders, which more than doubled compared to the previous year. The growth was largely driven by key contracts in Precision Engineering, emphasizing the company’s capability in high-value, technology-driven manufacturing. Export orders contributed 15% of the total inflow, underscoring its expanding presence in international markets.
The IT & Technology Services segment generated customer revenues of ₹12,061 crore, achieving an 8% year-on-year growth. A substantial 93% of these revenues came from international billing, reflecting the company’s strong global client base and expertise in technology-driven solutions. Meanwhile, the Financial Services segment recorded ₹3,881 crore in income, marking a 14% increase from the previous year. The total loan book expanded to ₹95,120 crore, indicating a steady rise in financial operations.
The Development Projects segment achieved customer revenues of ₹1,434 crore, registering an 18% year-on-year growth, primarily supported by improved performance at Nabha Power. Additionally, the Others segment reported customer revenues of ₹1,674 crore, growing 9% year-on-year, mainly due to an increase in residential unit handovers. Looking ahead, India’s economy is projected to grow at a steady rate of 6.5-6.8% for FY 2024-25, with government infrastructure investments expected to remain a key driver of growth.
Larsen & Toubro is a USD 27 billion multinational enterprise engaged in EPC Projects, Hi-Tech Manufacturing, and Services across multiple regions, maintaining a strong customer focus and commitment to quality for over eight decades. L&T’s dedication to quality and customer-centricity has earned it numerous accolades and a reputation as a builder of nations. As a trusted partner in India’s growth story, L&T continues to play a pivotal role in shaping the future of engineering and construction while maintaining a strong focus on environmental responsibility and technological advancement.
