L&T Achieves Record Order Inflow in Q2

01 Nov 2023 CW Team

Larsen & Toubro (L&T), a prominent engineering and construction firm, reported its highest-ever quarterly order inflow of Rs. 891.53 billion in the July-September period, marking a 72 per cent year-on-year increase. The consolidated order book as of September 30 reached Rs. 4.50 trillion, with international orders contributing 35 per cent of the total.

L&T has set a guidance of 10-12 per cent year-on-year growth in order inflow for the fiscal year 2023-24. As of September 30, the company was already 65 per cent ahead of the previous year's order intake and anticipates surpassing this guidance. The order inflow for the April-September half-year period amounted to Rs. 1.54 trillion, demonstrating a 65 per cent year-on-year growth.

The July-September quarter's order inflow was primarily driven by strong demand for projects in the Middle East and North Africa, particularly from Saudi Arabia.

In L&T's latest earnings report for the July-September period, the conglomerate revealed a consolidated profit after tax of Rs. 32.23 billion, reflecting a 45 per cent increase compared to the same period in the previous year. Consolidated revenues for the quarter stood at Rs. 510.24 billion, marking a 19 per cent year-on-year growth.

Despite the positive trends in order inflow and earnings, L&T's consolidated operating margin for the quarter declined slightly to 11 per cent compared to 11.4 per cent in the previous year. The margin performance was affected by increased input costs associated with legacy pre-COVID projects, which are gradually nearing completion.

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