Engineering and construction major Larsen & Toubro (L&T) on Wednesday clocked a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the quarter ended in March 2023, helped by higher revenues. The firm had logged a consolidated net profit of Rs 3,621 crore in the year-ago period, the infrastructure major said in a filing to the BSE.
Larsen & Toubro’s revenue during January-March 2023 increased to Rs 58,335 crore from Rs 52,851 crore in the year-ago period, a rise of 10 per cent. Its total expenses also surged 11 per cent to Rs 51,502 crore against Rs 46,334 crore in January-March FY22.
The Board of Directors has recommended a final dividend of Rs 24 per equity share, for the approval of shareholders.
The company received orders worth Rs 230,528 crore at the group level during the year ended March 31, 2023, registering a healthy y-o-y growth of 19 per cent.
In a statement, S N Subrahmanyan, chief executive officer (CEO) of Larsen & Toubro, said “For the first time ever, our group order inflows cross Rs 2 lakh crore and our order book Rs 4 lakh crore is at a record high. “Our group revenues at Rs 1.83 lakh crore for the year registered a growth of 17 per cent, the best we have achieved in the five last years, on the back of strong execution momentum in the projects & manufacturing portfolio and a healthy growth in IT&TS businesses.”
Non-Executive Chairman A M Naik Steps Down
L&T on Wednesday announced that its Non-Executive Chairman A M Naik has decided to step down from his post. S N Subrahmanyan has been re-designated as the chairman and managing director of the firm with effect from October 1, 2023, the company said in an exchange filing.
“… A. M. Naik has decided to step down as Non-Executive Chairman of the Company with effect from September 30, 2023. He has been conferred the status of ‘Chairman Emeritus’ by the Board.” Naik has served the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation. He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders.
As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.