Stock market today: Shares of Larsen & Toubro surged 6.51% to ₹3,630 per share in early morning trade on Thursday, October 31, following the company’s strong financial results for the quarter ended September 30, 2024.
The company reported consolidated revenue of ₹61,555 crore for the quarter, reflecting a year-on-year (YoY) growth of 21%, driven by accelerated progress in its Projects & Manufacturing (P&M) portfolio. International revenue during the quarter stood at ₹32,057 crore, making up 52% of total revenues, which highlights a strong international P&M order book.
For the half-year ended September 2024, the company recorded consolidated revenue of ₹116,674 crore, an 18% YoY increase, with international revenues of ₹58,305 crore, comprising 50% of total revenues.
The consolidated profit after tax (PAT) came in at ₹3,395 crore for the quarter, marking a 5% growth compared to the same quarter last year. For the half-year, the consolidated PAT reached ₹6,181 crore, up 8% YoY, as per the company Q2FY25 earnings filing.
The company booked ₹80,045 crore worth of orders during the reporting quarter, taking its order book past the ₹5-trillion mark. Although this represents a 10% decrease from last year due to a high base effect, the infrastructure projects division saw a significant YoY increase of 77% with fresh orders totalling ₹49,522 crore.
The company is looking to expand its business in Central Asia to diversify its international business beyond the Middle East. L&T had earlier taken a similar call to increase its presence in Africa to de-risk its over-dependence on the Middle East.
In the energy projects division, new orders reached ₹7,759 crore, down from ₹40,141 crore the previous year, with the current order book at ₹1.2 trillion, 77% of which is from international contracts.
The Hi-Tech Manufacturing segment secured orders worth ₹3,920 crore, reflecting a robust growth of 64% year-on-year. Overall, L&T continues to be a major player in EPC projects, hi-tech manufacturing, and services, operating in over 50 countries worldwide.
Larsen & Toubro is a USD 27 billion Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. It operates in over 50 countries worldwide.
Since May 2023, the company's shares have experienced a consistent upward trend, increasing by 64% from ₹2,205 per share to the current trading value of ₹3,609.
Looking further back, shares have surged significantly from their March 2020 low of ₹661, yielding an impressive return of 447%.
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