L&T Q3 Results: Net profit rises 15% to Rs 2,947 crore; margin remains in double digits

Larsen & Toubro (L&T) on Tuesday reported a consolidated net profit of Rs 2,947 crore for the October-December period, an increase of 15.4 per cent compared with the corresponding period a year ago. However, the infrastructure conglomerate's net profit for the fiscal third quarter fell short of analysts' estimates.

L&T registered revenue of Rs 55,128 crore for the quarter ended December 31, 2023, as against Rs 46,390 crore for the year-ago period, according to a regulatory filing. 

Its quarterly margin came in at 10.4 per cent, as against 10.9 per cent a year ago. 

The company posted Rs 5,759 crore in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the fiscal third quarter, up 13.5 per cent on a year-on-year basis.

Zee Business analysts had estimated L&T's quarterly net profit at Rs 3,400 crore, revenue at Rs 54,100 crore, EBITDA at Rs 6,175 crore, and margin at 11.4 per cent. 

“We have registered yet another quarter of strong performance, despite the headwinds from a volatile global environment and consequent supply chain constraints. Our nine-month order inflow has crossed the FY’23 level. This is a testament to our wide capability spectrum, diversified presence, financial strength and most importantly the faith reposed in us by our customers," said SN Subrahmanyan, Chairman and Managing Director, L&T. 

"We are currently witnessing improved Capex spends in both our primary geographies of India and the Middle East. Despite continued global macroeconomic and geopolitical volatility, we remain positive about the investment spends continuing in the medium term,” Subrahmanyan added. 

The company received orders to the tune of Rs 75,990 crore, at the group level, during the quarter under review, up 25 per cent on a year-on-year basis.

Its consolidated order book stood at Rs 4,69,807 crore, as of December 31, 2023, with the share of international orders being at 39 per cent. 

Larsen & Toubro shares declined by Rs 75, or two per cent, to end at Rs 3,633.4 apiece on BSE ahead of the earnings announcement.

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