L&T said the revenue growth was backed by strong execution witnessed in the Infrastructure segment and on the sustaining growth momentum in the IT&TS portfolio. International revenues during the quarter stood at Rs 13,235 crore, constitute 37% of the total revenue. The companys profit before exceptional items and tax was at Rs 2,931.94 crore in Q1 FY23, up 28.9% from Q1 FY22. The company secured orders worth Rs 41,805 crore at the group level during the quarter ended 30 June 2022, registering a growth of 57% over corresponding quarter of the previous year. During the quarter, orders were received across diverse segments like Public Spaces, Metros, Water Management & Waste Water, Minerals and Metal, Factories, Data Centers, Defence, Power Transmission and Distribution and Hydrocarbon Offshore sectors. International orders at Rs 17,842 crore during the quarter comprised 43% of the total order inflow. The consolidated order book of the group stood at a record Rs 363,448 crore as on 30 June 2022, with international orders having a share of 28%. Effective from 1 April 2022, the operating segments have been re-organised, in line with the business strategy to be adopted by the Company under its 5 year plan (Lakshya 2026). The Infrastructure Projects segment secured order inflows of Rs 18,343 crore, during the quarter ended 30 June 2022, registering growth of 66% compared to corresponding quarter of the previous year with various orders secured across sub segments. International orders at Rs 4,691 crore constituted 26% of the total order inflow of the segment during the quarter. The segment order book stood at Rs 263,977 crore as on June 30, 2022, with the share of international orders at 23%. The IT & Technology Services (IT&TS) segment recorded customer revenues of Rs 9,424 crore for the quarter ended 30 June 2022, registering a YoY growth of 30% reflecting continued growth momentum in the IT&TS sector. International billing contributed 92% of the total customer revenues of the segment for the quarter ended June 30, 2022. The Financial Services segment reflects the performance of L&T Finance Holdings, a listed subsidiary. The segment recorded income from operations at Rs 2,958 crore during the quarter ended 30 June 2022, registering a YoY decline of 3%, mainly attributed to the targeted reduction in the wholesale loan book. In its outlook, L&T said The Indian economy continues to sustain the strong recovery momentum evidenced by robust monthly high frequency indicators. With the Governments move to cut taxes on petrol and diesel, imposition of export duty on steel and petroleum, restrictions on food exports and RBIs recent action of increasing the REPO rate should ease the overall inflationary pressure. The Governments persistent efforts to jumpstart economic growth through higher infrastructure spend and incentivizing domestic manufacturing should yield benefits in the medium term. On the global front, oil price dynamics and recent geo-political developments have led the global economy towards a zone of uncertainty in an environment of high inflation, volatile commodity prices, imposition of sanctions and resultant supply chain disruptions. The Middle east region, an important geography for the companys projects business, is likely to be benefitted from the high oil prices resulting in higher hydrocarbon and infrastructure capex spend. This augurs well for the company, in terms of providing a larger scope of contracting opportunities. The company in its first year post announcing its Lakshya 2026 Strategic Plan, expects to continue its planned trajectory of profitable growth through an efficient and timely execution of its large order book and along with its many value enhancing measures, retain its leadership position and improve shareholder return on a sustainable basis. The company is on the path of diversification into the new businesses of Green Energy and E-commerce Platforms and at the same time pursues exit options/limit exposure in non-core businesses over the Lakshya 2026 strategic plan period. Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. Powered by Capital Market – Live News
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