Last Updated on January 31, 2024 by ethinos
Table of Content
Financial Results for the quarter ended December 31, 2023
Key Financial Highlights
- Larsen & Toubro’s Consolidated Revenues for the quarter ended December 31, 2023, amounted to ₹55,128 crore, marking a year-on-year growth of 19%.
- International revenues during the quarter totaled ₹24,300 crore, accounting for 44% of the total revenue.
- For the nine months ended December 31, 2023, Consolidated Revenues reached ₹154,034 crore, showing a year-on-year growth of 23%. International revenues constituted 42% of the total, amounting to ₹65,220 crore.
- The Company reported a Consolidated Profit after Tax (PAT) of ₹2,947 crore for the quarter ended December 31, 2023, representing a 15% growth compared to the corresponding quarter of the previous year. Additionally, compared to the recurring profit of the corresponding quarter of the previous year, PAT grew by an impressive 20%.
- For the nine months ended December 31, 2023, Consolidated Profit After Tax stood at ₹8,663 crore, marking a 34% growth year-on-year.
- Larsen & Toubro received orders worth ₹75,990 crore at the group level during the quarter ended December 31, 2023, reflecting a robust growth of 25% year-on-year. International orders constituted 67% of the total order inflow, amounting to ₹50,562 crore.
- Cumulatively, the order inflow for the nine months ended December 31, 2023, reached ₹230,662 crore, showing a growth of 49% over the corresponding period of the previous year. International orders during the nine months amounted to ₹137,894 crore, making up 60% of the total.
- As of December 31, 2023, the consolidated order book stood at ₹469,807 crore, with international orders accounting for 39% of the total.
Additional Read: Q3 Results Dashboard
Segment-wise Performance Highlights
Infrastructure Projects Segment:
- Order inflow: ₹43,208 crore, 33% year-on-year growth, with major orders in Power Transmission and Distribution.
- International orders: ₹27,230 crore, constituting 63% of total orders.
- Order book: ₹317,693 crore, 28% from international orders.
- Customer revenues: ₹27,845 crore, 27% year-on-year growth, with 29% from international sources.
- EBITDA margin: 5.5% for the quarter, down from 7.0% in the corresponding quarter of the previous year.
Energy Projects Segment:
- Order inflow: ₹13,281 crore, 47% year-on-year growth, including a significant order in Offshore Hydrocarbon.
- International orders: 93% of total orders.
- Order book: ₹112,777 crore, 81% from international orders.
- Customer revenues: ₹7,864 crore, 24% year-on-year growth, with 63% from international sources.
- EBITDA margin: 9.7% for the quarter, up from 8.7% in the corresponding quarter of the previous year.
Hi-Tech Manufacturing Segment:
- Order inflow: ₹2,043 crore, 6% year-on-year growth, with 15% from export orders.
- Order book: ₹25,758 crore, 8% from export orders.
- Customer revenues: ₹2,066 crore, 23% year-on-year growth, with 33% from export sales.
- EBITDA margin: 16.7% for the quarter, slightly lower than 17.5% in the corresponding quarter of the previous year.
IT & Technology Services (IT&TS) Segment:
- Customer revenues: ₹11,196 crore, 5% year-on-year growth, with 93% from international billing.
- EBITDA margin: 20.7% for the quarter, up from 18.9% in the corresponding quarter of the previous year.
Financial Services Segment (L&T Finance Holdings):
- Income from operations: ₹3,407 crore, 2% year-on-year growth.
- Total Loan Book: ₹81,780 crore as of December 2023.
- Profit Before Tax (PBT): ₹824 crore for the quarter, up from ₹630 crore in the corresponding quarter of the previous year.
Development Projects Segment:
- Customer revenues: ₹1,220 crore, 10% year-on-year growth.
- EBIT: ₹118 crore for the quarter, compared to a loss of ₹6 crore in the corresponding quarter of the previous year.
“Others” Segment:
- Customer revenues: ₹1,530 crore, 12% year-on-year growth.
- EBITDA margin: 24.4% for the quarter, up from 21.6% in the corresponding quarter of the previous year.
Group Performance – Key Parameters
| Q3 FY’23 | Q3 FY’24 | % Var | Key Parameters (in ₹ crore) | 9M FY’23 | 9M FY’24 | % Var |
| 46,390 | 55,128 | 19% | Revenue From Operations | 1,25,006 | 1,54,034 | 23% |
| 37% | 44% | – | International Revenue % | 37% | 42% | – |
| 41,317 | 49,369 | 19% | Total Operational Expenses | 1,11,086 | 1,37,774 | 24% |
| 5,073 | 5,759 | 14% | EBITDA | 13,920 | 16,260 | 17% |
| 10.9% | 10.4% | – | EBITDA % | 11.1% | 10.6% | – |
| 802 | 904 | 13% | Finance Cost | 2,394 | 2,620 | 9% |
| 825 | 921 | 12% | Depreciation & Amortisation | 2,649 | 2,661 | 0% |
| 2,456 | 2,947 | 20% | Recurring profits after tax | 6,387 | 8,663 | 36% |
| 97 | – | – | Exceptional items (net of tax and NCI) | 97 | – | – |
| 2,553 | 2,947 | 15% | Consolidated Profit After Tax | 6,484 | 8,663 | 34% |
Additional Check: L&T Share Price
About Larsen & Toubro
Larsen & Toubro is an Indian multinational conglomerate, with interests in engineering, construction, manufacturing, technology, information technology, military and financial services. It is headquartered in Chennai and was founded in 1938 by Danish engineers Henning Holck-Larsen and Søren Kristian Toubro. It operates in over 50 countries worldwide and has a revenue of USD 17 billion as of 2020. Some of its landmark projects include the Statue of Unity, the Mumbai Trans Harbour Link, the Narendra Modi Stadium, and the Terminal 2 of Kempegowda International Airport. It also provides solutions for green energy, defence, hydrocarbon, power, and smart world.
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Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6bb8c028-8151-4c2b-83d1-ed84c5d706f9.pdf
