Larsen & Toubro Q3 Results FY2023, PAT at Rs. 2552.92 crores

On 30th January 2023, Larsen & Toubro announced its results for the third quarter of FY2023.

Key Highlights:

- Larsen & Toubro reported Consolidated Revenues of Rs. 46,389.72 crores, recording a YoY growth of 17%, aided by improved execution in the Infrastructure Projects segment and continued growth momentum in the IT&TS portfolio.
- International revenues during the quarter at Rs. 17,317 crores constituted 37% of the total revenue.
- The Company for the quarter ended December 31, 2022, posted a total Consolidated Profit After Tax (PAT) of Rs. 2,552.92 crores, registering a robust growth of 24%YoY
- The Company received orders worth Rs. 60,710 crores at the group level, registering a growth of 21% YoY. During the quarter, orders were received across multiple segments like Oil & Gas, Public Spaces, Hydel & Tunnels, Irrigation systems, Ferrous Metals, and Power Transmission & Distribution.
- International orders at Rs. 15,294 crores during the quarter comprised 25% of the total order inflow.
- The consolidated order book of the group was at Rs. 386,588 crores with international orders having a share of 26%. 

Business Highlights:

- The Infrastructure Projects segment secured order inflows of Rs. 32,530 crores, registering a significant growth of 28%. International orders at Rs. 2,936 crores constituted 9% of the total order inflow of the segment during the quarter.
- The Energy Projects segment secured orders valued at Rs. 9,051 crores, registering a growth of 12% YoY on receipt of a large domestic offshore oil & gas order in the Hydrocarbon business. International order inflow constituted 14% of the total order inflow of the segment during the quarter. 
- Hi-Tech Manufacturing Segment secured orders valued at Rs. 1,931 crore registering a decline of 36% YoY largely due to subdued ordering witnessed in the Defence Engineering business. Export orders constituted 43% of the total order inflow of the segment during the quarter.
- During the quarter, L&T Infotech Limited and Mindtree Limited successfully completed their merger and started operating as a merged entity viz. LTIMindtree Limited. The IT & Technology Services (IT&TS) segment recorded customer revenues of Rs. 10,517 crores, registering a YoY growth of 25%, reflecting the continuing demand for tech-enabled services. International billing contributed 93% of the total customer revenues of the segment for the quarter that ended December 31, 2022. 
- Financial Services Segment reflects the performance of L&T Finance Holdings, a listed subsidiary. The segment recorded income from operations at Rs. 3,349 crores, registering a YoY growth of 13%, mainly attributed to higher disbursements in a retail business, as the subsidiary continues to focus on its strategy of higher retailisation of the loan book.
- Development Projects Segment recorded customer revenues of Rs. 1,106 crores registering a growth of 13% YoY, driven by a higher PLF in the Nabha Power Plant and an increase in ridership in Hyderabad Metro.
- The other segments’ customer revenues at Rs. 1,468 crore registered a modest growth of 1% YoY, primarily due to a lower pace of execution in the SWC business. Export sales constituted 9% of the total customer revenues of the segment during the quarter, majorly relating to Industrial Valves and Rubber Processing Machinery businesses.