Larsen and Toubro March quarter profit rises 10%, beats estimates

L&T Q4 earnings: The country's largest engineering company Larsen and Toubro reported fourth-quarter profit above analysts' estimates on Wednesday, boosted by earnings from previously commissioned projects.

The company reported a 10.2 per cent rise in consolidated net profit to Rs 4,396 crore ($526.5 million) for the January-March quarter, surpassing analysts' estimate of Rs 4,113 crore, as per LSEG data.

The company had reported net profit of Rs 58,335.15 crore in the year ago period

Its revenue from operations rose 15 per cent to Rs 67,079 crore from Rs 58,335 crore in the year ago period. Larsen & Toubro's earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit jumped 6 per cent to Rs 7,234 crore but its operating profit margin shrank 90 basis points to 10.8 per cent from 11.71 per cent.

Larsen & Toubro's board announced dividend of Rs 28 per share in addition to the special dividend  of Rs 6 per share.

For the year ended March 31, 2024, posted a Consolidated Profit After Tax (PAT) of Rs 13,059 crore, registering a growth of 25 per cent compared to the previous year. The PAT includes an exceptional gain (net of tax) of Rs 94 crore, attributed to the divestment of stake in L&T IDPL (L&T Infrastructure Development Projects Limited), the company said in a regulatory filing.

“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. 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 divided 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," said S N Subrahmanyan, Chairman and Managing Director.

Larsen & Toubro shares ended 1.53 per cent higher at Rs 3,485 ahead of its earnings announcement.