MUMBAI: Engineering and construction giant Larsen & Toubro (L&T) on Wednesday reported tepid numbers with consolidated net profit rising 10% to Rs 4,396 crore for the for the March quarter on an annualised basis as its revenue from overseas operations stumbled.
Revenue from operations rose 15% to Rs 67,079 crore, it said in an exchange filing. Of this, share of international revenue was 45%.
The engineering major said the order inflow for the quarter stood at Rs 72,150 crore, registering a de-growth of 5% year-on-year when order inflows stood at Rs 76,099 crore. Of this, international orders were worth Rs 25,217 crore, constituting 35% of the total order book.
The consolidated order book stood at Rs 475,809 crore, of which international orders were 38% of the total. The order book of Rs 4,75,809 crore represents a growth of 20% over Rs 3,99,526 crore on year, and Rs 357,595 crore as of March 2022. For the full year FY24, the order book grew 31%, overshooting the order inflow growth guidance of 12-15%.
Going forward, it expects the economic growth momentum to continue in the medium-term facilitated by both public and private capital investment.
“The growth momentum is likely to continue in the medium term backed by the sustained strength in domestic demand, easing of inflationary pressures, focussed fiscal spending by the government and a strong manufacturing revival through new-age greenfield investments and brownfield expansion across sectors,” it said, adding that despite strong growth expected domestically, L&T expects a slowdown in order inflows from international markets.
