L&T Q2 numbers beat the Street; net profit up 5% at ₹3,395 crore, revenue spikes 21%

Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday (October 30) reported a 5.4% year-on-year (YoY) increase in net profit at ₹3,395.3 crore for the second quarter that ended on September 30, 2024.

In the corresponding quarter of the previous fiscal, Larsen & Toubro posted a net profit of ₹3,223 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹3,200 crore for the quarter under review.

The company’s revenue from operations surged 20.6% to ₹61,554.6 crore against ₹51,024 crore in the year-ago period, aided by accelerated progress in the various businesses in the Projects & Manufacturing (P&M) portfolio. The CNBC-TV18 poll had predicted revenue of ₹57,942.6 crore for the quarter under review.

Also Read: L&T’s power transmission and distribution vertical bags ‘major’ orders in Africa, Middle East

At the operating level, EBITDA increased 13% to ₹6,362 crore in the second quarter of this fiscal over ₹5,632 crore in Q2 of the previous fiscal. The CNBC-TV18 poll had predicted an EBITDA of ₹6,114 crore for the quarter under review.

The EBITDA margin stood at 10.3% in the reporting quarter versus 11% in the corresponding period of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 10.6% for the quarter under review.

International revenues during the quarter at ₹32,057 crore constituted 52% of the total revenues, largely reflective of a robust international Projects & Manufacturing book.

For the half-year ended September 30, 2024, the consolidated revenues at ₹ 116,674 crore recorded a year-on-year growth of 18% with international revenues during the half-year at ₹58,305 crore constituting 50% of the total revenues.

Also Read: L&T wins ‘significant’ order to deploy advance welding technology for Global Nuclear Fusion Project in France

For the half-year ended September 30, 2024, consolidated profit after tax at ₹6,181 crore, registering a growth of 8% year-on-year basis. For the second quarter and H1, consolidated profit after tax of the previous year had the benefit of a non-recurring gain of ₹512 crore from Transit Oriented Development (TOD) monetisation in the Hyderabad Metro concession.

Excluding this TOD monetisation gain, the consolidated Profit After Tax for the quarter and the half-year ended September 30, 2024, have registered a growth of 25% and 19% respectively, over the corresponding period of the previous year.

The company received orders of ₹80,045 crore at the group level during the quarter ended September 30, 2024, registering a sequential growth of 13% and year-on-year degrowth of 10%.

During the quarter, multi-geography orders were received across different segments like renewables, transmission & distribution, roads & runways, urban transit, nuclear power, hydel & tunnel, minerals & metals, factories, precision engineering and the offshore vertical of hydrocarbon business.

Also Read: Biocon Q2 falls short of estimates; net profit dives 84% but revenue up 4%

International orders at ₹ 50,083 crore during the quarter comprised 63% of the total order inflow. On a cumulative basis, the order inflow for the half-year ended September 30, 2024, stood at ₹150,982 crore.

International orders at ₹82,680 crore during the half-year constituted

55% of the total. The consolidated order book of the group as of September 30, 2024, is at ₹510,402 crore registering a growth of 7% over March 2024, with the share of international orders at 40%.

The results came after the close of the market hours. Shares of Larsen and Toubro Ltd ended at ₹3,407.10, up by ₹26.20, or 0.77%, on the BSE.

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Aniket Pujari

Aniket Pujari is a visionary entrepreneur and dedicated content creator who has made significant contributions to the digital media landscape. As the founder of Minute To Know News, he has established himself as a leading figure in the world of finance, cryptocurrencies, and Internet-related topics.

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