L&T reports 45% y-o-y growth in net profit at Rs 3,223 crore in Q2FY24

1 Nov 2023 , 10:50 AM

According to the company’s financial data released on October 31, Larsen & Toubro’s (L&T) net profit increased 45% year-on-year to Rs 3,223 crore during the second quarter of fiscal year 2023-24.

L&T reported a 19% increase in consolidated revenue for Q2FY24 to Rs 51,024 crore, up from Rs 42,763 crore in the previous fiscal’s equivalent period.

Sales growth was higher than planned due to execution tailwinds in the infrastructure projects sector and maintained growth momentum in the IT and ITeS portfolio.

The company was expected to raise its revenue and order inflow projections for the rest of the fiscal year.

L&T secured orders for Rs 89,153 crore at the group level during Q2, representing a 72% increase over the previous year’s equivalent quarter when it won orders worth Rs 51,914 crore.

Orders were received across numerous areas during the reporting quarter, including public spaces, nuclear power, irrigation, ferrous metal, health, renewables, and refinery, according to a news statement from the business.

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