Larsen & Toubro hits 52-week high as company posts robust growth in June quarter

26 Jul 2023 , 10:20 AM

Larsen & Toubro announced a 46.5% year-on-year increase in overall net profit to Rs 2,493 crore for the quarter ended June 2023. The consolidated revenue of the company grew by 34% y-o-y to Rs 47,882.37 crore.

After announcement of strong numbers for the quarter, the company’s counter skyrocketed to hit a new 52-week high of Rs 2,670 per piece.

The company’s board also recommended a special dividend payout of Rs 6 per share, for which, the record date has been fixed as August 2, 2023. The company also informed that the board of directors approved a buyback worth Rs 10,000 crore via tender offer route.

The significant topline growth was driven primarily by the execution of the order book in the manufacturing portfolios and projects. International revenue was Rs 19,022 crore during the quarter, accounting for 40% of overall sales. Company’s EBITDA fell 80 basis points year-on-year to 10.2%. 

During the quarter, the company saw a 57% year-on-year increase in order inflows to Rs 65,520 crore. Orders were received in a variety of areas, including rail, renewables, rural water supply, transmission & distribution, IT & office space, and onshore and offshore hydrocarbon verticals.

As of June 30, the group’s consolidated order book was at Rs 4.13 lakh crore, with international orders accounting for 29% of the total.

At around 10.12 AM, Larsen & Toubro was trading 3.76% higher at Rs 2,657.20 per share, against the previous close of Rs 2,560.90 on NSE. 

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