Engineering and Infrastructure conglomerate Larsen & Toubro beat estimates for the September quarter on most parameters led by a 23 percent growth in order inflow.
The company's revenue of Rs 42,762.6 crore was 11 percent higher than a CNBC-TV18 poll of Rs 38,500 crore. Revenue growth was led by the core infrastructure business along with IT and Technology services, which contributed to bulk of the order inflow.
On a year-on-year basis, L&T's revenue increased 23 percent.
Net profit for the quarter stood at Rs 2,229 crore, marginally higher than the poll of Rs 2,185 crore. The bottomline grew 22.5 percent from last year.
On the operating front, the company's operating profit or EBITDA stood at Rs 4,899.4 crore. Analysts were working with an estimate of Rs 4,350 crore for the quarter. Operating profit grew in-line with revenue and profit at 22.6 percent year-on-year.
EBITDA Margin of 11.46 percent was flat on a year-on-year basis but 16 basis points higher than the CNBC-TV18 poll of 11.3 percent.
Bulk of L&T's revenue came from infrastructure projects and the IT & Technology Services business. Together, both the segments contributed to 70 percent of the overall topline.
Order Book
With regards to the order book, L&T recorded orders worth Rs 51,914 crore during the September quarter at the group level, registering a growth of 23 percent from last year.
The company won orders across multiple segments like public spaces, nuclear power, irrigation, ferrous metal, health, renewables, and refinery sectors.
At Rs 17,341 crore, international orders formed a third of the total order inflow during the quarter.
L&T's total consolidated order book as of September 30 stood at Rs 3.72 lakh crore with international orders making up 28 percent of the total.
Most of L&T's segments saw a year-on-year growth in order inflow barring the energy segment, orders for which declined 42 percent from last year. The decline is due to the division receiving a mega international order in the Hydrocarbon business during the base quarter.
The company in its statement has said that large value private sector investments, that were set for a major revival may get delayed due to the persisting geopolitical and global economic turbulence.
However, the company is confident of being rightly positioned to leverage the India and Middle East capex opportunity.
Shares of Larsen & Toubro ended 3 percent higher ahead of its earnings on Monday at a 52-week high of Rs 2,031.45.
First Published: Oct 31, 2022 5:04 PM IST
