Larsen & Toubro Q2 FY 24 consolidated PAT up 45% at Rs. 3,223 Cr

Larsen & Toubro Q2 FY 24 consolidated PAT up 45% at Rs. 3,223 Cr

The company received orders worth Rs. 89,153 crore at the group level during the quarter ended September 30, 2023

  • By ICN Bureau | November 01, 2023

Larsen & Toubro posted a consolidated Profit After Tax (PAT) of Rs. 3,223 crore for the quarter ended September 30, 2023, registering a significant growth of 45% compared to the corresponding quarter of the previous year. Similarly, for the half-year ended September 30, 2023, Consolidated Profit After Tax at Rs. 5,716 crore, registered a growth of 45% y-o-y basis.

Larsen & Toubro achieved consolidated revenues of Rs. 51,024 crore for the quarter ended September 30, 2023 recording a y-o-y growth of 19%, primarily aided by improved execution of the large order book and accelerated progress in the Projects and Manufacturing portfolio. International revenues during the quarter at Rs. 21,898 crore constituted 43% of the total revenue.

For the half-year ended September 30, 2023, the consolidated revenues at Rs. 98,906 crore recorded a y-o-y growth of 26% with international revenues during the half-year at Rs. 40,921 crore constituting 41% of the total.

The company received orders worth Rs. 89,153 crore at the group level during the quarter ended September 30, 2023, registering a robust growth of 72% on y-o-y basis. During the quarter, orders were received across diverse segments like Onshore verticals of the Hydrocarbon business, Urban Transit systems, Transmission & Distribution as well as Residential & Commercial Space. International orders at Rs. 59,687 crore during the quarter comprised 67% of the total order inflow.

On a cumulative basis, the order inflow for the half-year ended September 30, 2023 stood at Rs. 154,672 crore, registering a growth of 65% over the corresponding period of the previous year. International orders at Rs. 87,333 crore during the half-year constituted 56% of the total. The consolidated order book is at Rs. 450,734 crore as on September 30, 2023, with international orders having a share of 35%.

Commenting on the results, S.N. Subrahmanyan, Chairman and Managing Director said: “Our strong operating and financial performance this quarter exhibits the resilience of the Company’s business model despite the on-going volatile geo-political situation.

"All our businesses – Projects, Manufacturing and Services have grown. During the quarter, we have received the highest ever order inflows in the history of the Company.

"This shows the faith our customers place on us and is a reflection of our capability to perform and deliver projects on time. The Company now tops the list of international EPC Contractors working in the MENA region in terms of value for projects under execution. This is a testament to our capabilities as a diversified conglomerate present across various geographies.

"The company has successfully completed the first ever Buyback of Equity Shares during the quarter, in alignment with our long-term Lakshya 2026 plan to enhance shareholder value.

"In the near term, we remain cautiously optimistic, considering the recent geopolitical developments. However, we do expect sustained buoyancy of Services and Indian Government’s thrust on capex to continue.”


Economic activity in India continues to witness resilience on the back of strong domestic demand in contrast to global trends. Investment activity is benefiting from continuing public sector capex with growth being witnessed in steel consumption, cement production as well as in imports and production of capital goods. Capacity utilization in the manufacturing sector is also trending up, which augurs well for country level capital formation.

The Indian economy is expected to grow by 6.5% in FY’24 primarily due to sustained buoyancy in services, consumer and business optimism, higher government spending, healthy balance sheets of banks and corporates, upcoming festive season demand and supply chain normalization.

Headwinds from global economic slowdown and declining global trade continue to pose event risks. Further, volatile energy and food prices in the wake of lingering geopolitical tensions and adverse weather conditions render uncertainty to the inflation outlook. While major central banks are signaling a peaking of their rate hike cycle, there are indications that the tight monetary policy stance could persist for longer than expected.

The recent conflict in the Middle East has raised concerns about potential increase in crude prices that can worsen the already fragile global economic situation, as the region is a crucial supplier of energy and a key shipping gateway to global trade. Despite this, we remain optimistic around fresh project awards in Oil & Gas, industrialization and energy transition projects in the GCC region.

The Company backed by its all-round capabilities in engineering, manufacturing, construction, project management and services will continue to focus on operational excellence and cost competitiveness for profitable execution of its large Order Book. The Company pursues its stated objective of demonstrating profitable growth with judicious use of capital and maximize shareholder value on a sustainable basis.

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