Engineering major Larsen & Toubro (L&T) on Monday posted a consolidated net profit of ₹2,229 crore for the quarter ended September, registering a growth of 23% over the corresponding period of the previous year.
The construction giant reported consolidated revenue of ₹42,763 crore, recording a year-on-year growth of 23%, with execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT&TS portfolio, according to its exchange filing.
All the major segments reported higher profits, led by the IT&TS and financial services businesses, the filing says.
International revenues during the quarter stood at ₹15,473 crore, constituting 36% of the total revenue.
For the half-year ended September 30, 2022, the consolidated revenues at ₹78,616 crore recorded a y-o-y growth of 23%, with international revenues during the half-year at ₹ 28,708 crore constituting 37% of the total.
The company recorded orders worth ₹51,914 crore at the group level during the quarter ended September 30, 2022, registering a growth of 23% over the corresponding quarter of the previous year.
During the quarter, orders were received across multiple segments like public spaces, nuclear power, irrigation, ferrous ,metal, health, renewables and refinery sectors, the filing says.
International orders at ₹17,341 crore during the quarter comprised 33% of the total order inflow.
On a cumulative basis, the order inflow for the half-year ended September 30, 2022 stood at ₹93,720 crore, registering a growth of 36% over the corresponding period of the previous year. International orders at ₹35,184 crore during the half-year constituted 38% of the total.
The consolidated order book of the group was at ₹372,381 crore as on September 30, 2022, with international orders having a share of 28%.
The infrastructure projects segment secured order inflows of ₹25,058 crore, during the quarter ended September 30, 2022, registering a substantial growth of more than 100%, as compared to the corresponding quarter of the previous year. The segment order book stood at ₹268,752 crore as on September 30, 2022, with the share of international orders at 24%.
The energy projects segment secured orders valued at ₹8,441 crore during the quarter ended September 30, 2022, registering a decline of 42% year-on-year since the previous year had the benefit of receipt of a mega international order in the Hydrocarbon business.
The IT & Technology Services (IT&TS) segment recorded revenues of ₹10,151 crore for the quarter ended September, registering a y-o-y growth of 29%. International billing contributed 93% of the total customer revenues of the segment.
The financial services segment recorded income from operations at ₹3,152 crore during the quarter, registering a year-on-year growth of 6%, mainly attributed to higher disbursement in retail business.
High inflation, coupled with threat of an adverse balance of payments amidst the increasingly uncertain global economic environment, are possible headwinds to the country’s growth trajectory, the company warns.
Large value private sector investments that were set for a major revival may get delayed due to the persisting geopolitical and global economic turbulence, it adds.
Amid the ongoing global uncertainties, the Gulf Cooperation Council (GCC) region, a major geography for the company’s projects business, continues to invest in the oil and gas sector to accelerate production capacity.