Larsen & Toubro's consolidated revenues of ₹183,341 crore for the year ended March 31, 2023, recording a healthy y-o-y growth of 17%. The revenue, said L&T, was aided by strong execution of a large order book in the infrastructure projects segment and robust momentum in the IT&TS portfolio.

L&T at the group level received orders worth ₹2,30,528 crore during the year ended March 31, 2023, registering a healthy y-o-y growth of 19%. The international orders at ₹86,523 crore during the year comprised 38% of the total order inflow.

In its outlook for the next fiscal year, L&T said going forward, improved tax collections for the government will support its Capex led growth aspiration. L&T said it'll focus, with cautious optimism, on large project wins, timely execution of its large order book, growth of its services portfolio in the stated glide path. "The company is optimistic about its growth aspirations in the medium term despite a uncertain macro environment and is committed to creation of sustainable value to all its stakeholders."

AM Naik steps down as non-executive chairman

L&T non-executive chairman AM Naik has decided to step down at the end of his tenure on September 30, 2023. The company board in its yesterday meeting decided to confer the status of chairman emeritus on Naik. SN Subrahmanyan has been appointed as chairman and managing director with effect from October 1, 2023. He is currently the chief executive officer and managing director.

Naik has been with L&T for more than 58 years. He said L&T has been his life, and he is immensely proud that he could play a significant part in its growth. "The growth trajectory that the company has charted in the last two to three decades is exemplary. The emphasis we laid on IT and technology services has had a significant positive impact on the profitability of the organisation. I am sure Mr. Subrahmanyan will continue to foster the high growth and entrepreneurial culture at L&T.”

SNS joined the construction business of L&T in 1984 as a project planning engineer after completing a degree in civil engineering and post-graduation in business management. SNS has been at the helm of L&T for 6 years since July 1, 2017, as the CEO & MD.

Larsen & Toubro FY23 profit

L&T Q4 profit up 10% to ₹3,987 cr; AM Naik steps down