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Infrastructure giant L&T(Larsen & Toubro) reported a 44.93% growth in its profits for the quarter ending in June 2022.
The profit for the quarter in question stood at Rs 1,702.07 crores while the same for the corresponding quarter last year was Rs 1,174.44 crores.
Revenues of the company jumped 22% to Rs 35,853.20 crores during the quarter. Growth was assisted by higher construction work and better execution of projects. Other income of the company recorded a growth of 7.2% as the EBITDA margin improved to 11%. Infrastructure was the highest contributor to the company's revenues as it amounted to 40% of total revenues followed by Services and Energy.
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The domestic business managed to keep its position as the greatest contributor to the company's revenues as 63% of its revenues stemmed from it. The Middle East was at 9% while USA & Europe was 23% together, the balance being from the Rest of the World.
The company managed to secure orders worth Rs 41,805 crores, 57% higher annually, as International orders contributed to 43% of the company's total orders. L&T received orders in several diverse segments like public spaces, metros, water management & waste water, minerals and metal, factories, data centers, defense, power transmission, etc.
73% of all orders received during the quarter related to Infrastructure while Energy projects constituted 18%. Geographically, 72% of all orders received came from India & 22% from the Middle East.
Segment-wise:-
- Net Revenue of Infrastructure Projects segment grew 36% as its EBITDA margin declined to 6.5% due to greater input cost headwinds.
- Net Revenue of Energy Projects segment grew 3% as its EBITDA margin improved to 8.5% on account of execution cost savings and cost contingency.
- Net Revenue of the Hi-Tech Manufacturing segment grew 3% as its EBITDA margin contracted to 15.1%.
- Net Revenue of the ITTS segment grew 30% as its EBITDA margin declined to 22.2%.
- Net Revenue of the Financial Services segment declined 3% as PAT (net of NCI) improved 56% due to strong asset quality and improvement in ROA.
- Net Revenue of Development Projects segment grew 19% as its EBITDA margin declined to 4.5%, contributed by Metro operations.
The stock of L&T moved well on Wednesday as D-Street responded positively to the company's quarterly results. The stock closed 2.6% higher at Rs 1,796.65 per share. It opened today at Rs 1805.00 per share.
Article by Aman Agarwal.
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