The profit was higher than the ET Now Poll estimate of Rs 2,858 crore.
Consolidated revenues for the second quarter rose 19% to Rs 51,024 crore, primarily aided by improved execution of the large order book and accelerated progress in the projects and manufacturing portfolio.
The company received orders worth Rs 89,153 crore at the group level during the quarter ended September 2023, registering robust growth of 72% year-on-year.
The strong order inflows were across diverse segments like onshore verticals of the hydrocarbon business, urban transit systems, transmission and distribution as well as residential and commercial spaces.
International orders at Rs 59,687 crore during the reporting quarter made up 67% of the total order inflows.
The consolidated order book was at Rs 4.5 lakh crore as on September 30, 2023, with international orders having a share of 35%.Infrastructure
The segment posted customer revenues of Rs 24,613 crore during the quarter ended September 2023, showing growth of 27% year-on-year.
It secured order inflows of Rs 27,990 crore, up 12% year-on-year, on receipt of some large value orders across the various sub-segments.
The EBITDA margin of the segment was at 5.4% versus 6.6% recorded in the corresponding quarter of the previous year.
Energy
Energy segment recorded revenues of Rs 6,788 crore in the second quarter, up 22% year-on-year. Order inflows were at Rs 40,141 crore, taking the segment’s order book past Rs 1 lakh crore for the first time ever.
EBITDA margins improved to 9.5% for the reporting quarter, mainly on account of execution cost saving in certain projects in hydrocarbon and a favorable mix of job progress in power projects.
Hi-Tech Manufacturing
The segment’s revenues jumped 30% year-on-year to Rs 1,886 crore and orders during the quarter were valued at Rs 2,395 crore. Export sales comprised 30% of the total revenues.
IT and Tech Services
IT and Tech Services saw modest revenue growth of 7% at Rs 11,182 crore for the quarter ended September. The aggregate revenue of the two listed subsidiaries (LTIMindtree and L&T Tech) at $1.36 billion, showed growth of 4%.
Financial Services
The segment recorded income at Rs 3,084 crore during the quarter, down 2% year-on-year. The total loan book was at at 78,734 crore in the second quarter as against Rs 80,893 crore in March 2023. This variation is mainly due to sell downs to ARCs and prepayments/repayments of wholesale and run down of the de-focused loan book.
“In the near term, we remain cautiously optimistic, considering the recent geopolitical developments. However, we do expect sustained buoyancy of services and Indian government’s thrust on capex to continue,” said SN Subrahmanyan, Chairman and MD, L&T.
On Tuesday, L&T shares closed 0.11% lower at Rs 2,923 on the NSE.
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