Larsen & Toubro achieves 19% revenue growth in Q3 FY2024 amid global market challenges
In the latest financial quarter ending December 31, 2023, Larsen & Toubro (L&T) showcased a robust performance, underlining the company’s operational resilience and strategic growth initiatives in a challenging global economic landscape. The Mumbai-based conglomerate reported a notable year-on-year growth in order inflow, revenue, and recurring profit after tax (PAT), emphasizing its competitive edge and operational efficiency in the engineering and construction sector.
L&T achieved Consolidated Revenues of ₹55,128 crore for the quarter, marking a 19% growth year-on-year, fueled by a significant ramp-up in project executions across its diverse portfolio. The quarter’s international revenues amounted to ₹24,300 crore, accounting for 44% of the total revenue, reflecting the company’s strong global footprint and strategic international market penetration.
The company’s consolidated PAT stood at ₹2,947 crore, registering a 15% increase compared to the same quarter in the previous year. This growth trajectory becomes even more impressive when considering the recurring profit, which saw a 20% jump, showcasing L&T’s ability to maintain profitability amidst fluctuating market conditions.
Larsen & Toubro reports strong financial performance in Q3 FY2024
Key Performance Drivers and Strategic Initiatives
During the quarter, L&T received orders worth ₹75,990 crore, reflecting a substantial 25% increase on a year-on-year basis. This growth was predominantly driven by significant orders across various sectors including Hydrocarbon, Solar EPC, Power Transmission, and more, with international orders comprising 67% of the total inflow.
Highlighting the strategic moves, S.N. Subrahmanyan, Chairman and Managing Director of L&T, pointed out the company’s entry into fabless semiconductor chip design and its focus on sectors like Digital Platforms, Data Centres, and Green Energy. These initiatives are set to position L&T as a technology-led conglomerate, further diversifying its business model and revenue streams.
The financial results of Larsen & Toubro for the third quarter of FY2024 highlight the company’s operational excellence and strategic foresight. The significant growth in order inflows, especially from international markets, underscores L&T’s global competitiveness and its ability to secure large-scale projects. Moreover, the company’s focus on new-age sectors and sustainability initiatives aligns with global trends, positioning it for long-term growth.