NEW DELHI: Engineering and construction conglomerate Larsen & Toubro (L&T) on Monday reported a 24.2 per cent rise in consolidated net profit at Rs 2,552.92 crore in the quarter ended December 31, 2022 on the back of higher revenue from operations.
The company had posted a consolidated net profit of Rs 2,054.74 crore in the year-ago period, L&T said in a regulatory filing.
The consolidated revenue from operations of the company in the October-December period increased to Rs 46,389.72 crore, against Rs 39,562.92 crore in the year-ago period.
"Larsen & Toubro achieved consolidated revenues of Rs 46,390 crore for the quarter ended December 31, 2022 recording a Y-o-Y growth of 17 per cent, aided by improved execution in the infrastructure projects segment and continued growth momentum in the information and technology and technology services (IT&TS) portfolio," the company said.
The company received orders worth Rs 60,710 crore at the group level during the quarter ended December 31, 2022, registering a growth of 21 per cent over the corresponding quarter of the previous year.
During the quarter, orders were received across multiple segments like oil and gas, public spaces, hydel and tunnels, irrigation systems, ferrous metals and power transmission and distribution.
Speaking during the conference call, the company's whole-time director and CFO R Shankar Raman said that the business environment during the quarter remained conducive.
The revenue of the company improved in terms of quantum during the quarter, he said. "We do find order pipeline for the rest of the year encouraging," he stressed.
The revenue growth both on domestic order execution and international order execution have been moving well, he said.
"We are pleased to report strong all-round results for the quarter. Our order inflows and revenues for the quarter are up by 21 per cent and 17 per cent respectively. Order book is at an all-time high and provides multi-year revenue visibility. Profits for the quarter are also up 24 per cent. We successfully completed the merger of LTI & Mindtree and the announcement of the IDPL divestment. With the conclusion of sale of the mutual fund business and a phased rundown of the wholesale loan assets book, our financial services business will continue to grow its stated strategy of 'Retailisation of the loan book'," Larsen & Toubro Chief Executive Officer & Managing Director S N Subrahmanyan said.
Larsen & Toubro is an Indian multinational engaged in engineering, procurement and construction projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.