MUMBAI: Larsen & Toubro on Thursday reported a 10 per cent growth in its consolidated net profit at Rs 3,620.69 crore for the quarter ended March, 2022.
The company had posted a consolidated net profit of Rs 3,292.81 crore in the year-ago period, Larsen & Toubro (L&T) said.
The consolidated income during the quarter under review rose to Rs 53,366.26 crore from Rs 49,116.16 crore in the year-ago period,
"The consolidated net profit after tax for the quarter ended March 31, 2022 at Rs 3,621 crore registered a growth of 10 per cent over the corresponding quarter of the previous year, in line with revenue growth," the company said in a statement.
The consolidated income of the company during the January-March 2022 period increased to Rs 53,366.26 crore from Rs 49,116.16 crore in the year-ago period.
The company bagged projects worth Rs 1,92,997 crore at the group level during the year ended March 31, 2022, registering a growth of 10 per cent over previous year, it said.
For the full fiscal, consolidated revenue stood at 1,56,523 crore, a growth of 15 per cent over FY21, it said.
The company said it secured orders worth Rs 1,92,997 crore at the group level during the year, registering a growth of 10 per cent over previous year.
During the reported quarter, it bagged orders worth Rs 73,941 crore, registering a strong growth of 46 per cent over the corresponding quarter of the previous year, with the infrastructure segment booking a mega order from the Middle East.
The consolidated order book of the group was at record levels of Rs 3,57,595 crore as on March 31, 2022, with international orders having a share of 27 per cent, it said.
The continuing fluctuations in prices of crude oil and other commodities owing to the current geopolitical uncertainties is leading to high input prices for industries and consumers.
The resultant supply chain disruptions could pose a threat to the growth plans of the company in the short-term, it stated.
The company, despite the challenging situation, has shown terrific sustenance from a growth, revenue profitability point of view, chief financial officer R Shankar Raman said at a media briefing.
"We look at FY23 with hope and optimism. We think both the revenues and the order inflow would increase between 12 and 15 per cent," he said.
The company has a debt of Rs 1.2 lakh crore with financial services business debt accounting for 80 per cent, Raman said.
"The liquidity has been well-managed during the year, we've been able to generate adequate cash from our operations. And after paying the statutory taxes and meeting all the related liabilities, we've been able to retire our debt as well," said Raman.
"We are (going to be) more or less a debt-free company by this year," L&T managing director and CEO S N Subrahmanyan said.
The company with its detailed five-year strategic plan -- Lakshya'26 -- has chalked out a path for future value creation for its stakeholder, it said.
It lays out a plan for pursuing profitable growth in its traditional businesses of engineering, procurement and construction projects and manufacturing.
By FY26, L&T targets orders worth Rs 3.4 lakh crore, up 14 per cent from current year, while revenue is expected to grow 15 per cent to Rs 2.7 lakh crore, it said.
The company will also incubate digital offerings in data centres, tech education and B2B e-commerce, it said.
