L&T surpasses FY24 revenue target; projects 15% FY25 growth

10 May 2024 CW Team

Larsen & Toubro, a prominent player in engineering and construction, exceeded expectations in the fiscal year 2023-24 (April to March). The conglomerate witnessed a consolidated annual revenue growth of 21%, surpassing the projected range of 15-20%.

For the ongoing fiscal year 2024-25 (April to March), the management indicated a revenue projection of 15%, a decrease from the previous year. This adjustment primarily stems from the concurrent general election in the country and the onset of the monsoon season, factors that typically impede construction activities.

Chief Financial Officer and Whole-time Director, R. Shankar Raman, remarked during a post-earnings conference call with journalists that considering the order book standing at Rs. 4.75 trillion, they anticipate revenue growth to hover around 15% or thereabouts. He attributed this expectation to disruptions caused by the migration of laborers to their villages for voting.

In the fiscal year 2023-24, L&T's consolidated revenue from operations amounted to Rs. 2.21 trillion, marking a 21% increase compared to the previous year. Similarly, the consolidated profit after tax rose to Rs 130.59 billion, reflecting a 25% year-on-year growth. However, the consolidated operating margin experienced a decline, dropping to 10.6% in 2023-24 from 11.3% in the preceding year. The management clarified that this decline was primarily due to investments made for future growth.

Raman noted that a portion of the margin decrease resulted from investments in various aspects such as technology, equipment, resource mobilisation, subcontracting, quality standards, and safety standards, all aimed at enhancing growth prospects.

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