New Delhi, July 24 (IANS) Engineering and construction major Larsen and Toubro (L&T) on Wednesday reported a 12 per cent increase in its consolidated net profit to Rs 2,786 crore for the April-June quarter of the current financial year from Rs 2,493 crore in the same quarter last year.
Larsen & Toubro achieved consolidated revenues of Rs 55,120 crore for the quarter that ended June 30, 2024, registering a y-o-y growth of 15 per cent with robust execution witnessed in the Projects & Manufacturing (P&M) portfolio on the back of a large order book. International revenues during the quarter at Rs 26,248 crore constituted 48 per cent of the total revenues, according to a company statement.
Further, the company received orders worth Rs 70,936 crore at the group level during the quarter ended June 30, 2024, registering a y-o-y growth of 8 per cent aided by the strong ordering momentum in the Middle East, the statement added.
The consolidated order book of the group as of June 30, 2024, at Rs 490,881 crore, registers growth of 3 per cent over March 2024 and 19 per cent y-o-y, with the share of international orders at 38 per cent.
L&T chairman S.N. Subrahmanyan said, “We have achieved steady growth across all financial parameters in Q1 FY 2024-25, despite the geopolitical situation across the globe. Amidst various transformational shifts happening worldwide, we are well-positioned to grasp these opportunities with our expertise in our traditional P&M business and technology-driven new-age businesses. The Financial Services portfolio has achieved a remarkable transformation into Retail Finance with improved profitability. To enhance our presence in the Semiconductor sector, we have recently entered into a share purchase agreement with SiliConch Systems, a Bengaluru-based chip design company.”
L&T’s shares closed at Rs 3,522 apiece on Wednesday.
–IANS
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