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L&T Q4 rises 10 per cent to Rs 4,396 cr

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New Delhi, May 8 (PTI) Engineering and construction major Larsen & Toubro (L&T) on Wednesday reported a 10.2 per cent increase in consolidated net profit at Rs 4,396.12 crore in the March 2024 quarter on the back of higher income.

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The company had posted a consolidated net profit of Rs 3,986.78 crore in the year-ago period.

The consolidated income of the company rose to Rs 68,120.42 crore in the latest March quarter from Rs 59,076.06 crore recorded in the year-ago period, L&T said in a filing to BSE.

"The year has concluded on a very strong note for us. We have secured order inflows of more than Rs 3 lakh crore and order book is around Rs 4.75 lakh crore, reflecting the continued trust reposed on us by all our esteemed clients.

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"During the year, we successfully completed the maiden buyback of equity shares, in line with our aim to improve shareholder value. Furthermore, in addition to the special dividend of Rs 6 per share paid to our equity shareholders during the year, we are recommending a final dividend of Rs 28 per share for the financial year 2023-24," company's Chairman and Managing Director S N Subrahmanyan said.

In a statement, the company said that for the quarter ended March 2024, the profit after tax (PAT) stood at Rs 4,396 crore, showing a growth of 10 per cent year on year.

The company's board recommended a final dividend of Rs 28 per equity share for the approval of shareholders.

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L&T received orders worth Rs 3,02,812 crore at the group level during the year ended March 2024, registering a growth of 31 per cent.

Speaking during the conference call, Chief Financial Officer Shankar Raman said the company has achieved robust all-round order inflow in FY24.

During the year, the orders were received across multiple segments like onshore and offshore verticals in hydrocarbon, metros, urban transit systems, airports, roads and bridges, residential, renewables, transmission and distribution and the precision engineering sectors.

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International orders at Rs 1,63,112 crore during the year comprised 54 per cent of the total order inflow with higher ordering momentum from Gulf Cooperation Council (GCC) countries.

The infrastructure projects segment secured an order inflow of Rs 1,42,589 crore, during the year ended March 2024, registering a growth of 22 per cent year on year.

The energy projects segment secured orders worth Rs 73,788 crore during the year ended March 2024, registering a growth of more than 100 per cent.

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Raman further said the monetisation of transit oriented development is progressing well and it will be important part of strategy to improve the profitability of the company and also make it less debt-heavy. The company has done a few rounds of that and a few more rounds are pending for government approval and again which we are hopeful of getting post elections.

The company, he said, is looking at FY25 with optimism.

L&T said it will continue to invest in skill upgradation.

On the company's plan for divestment in FY25, he said "the big ones we have divested. The plans for FY25 would be largely around restructuring Hyderabad Metro." He further said, "Ram Mandir we hope to complete by March 2025." On the outlook, the company said that India's 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.

Larsen & Toubro is a Indian multinational engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services. It operates in over 50 countries. PTI SID HVA

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