Larsen & Toubro Ltd. (L&T) reported consolidated net profit rose 5% to ₹3,395 crore for the second quarter ended September 30, 2024 from ₹3,223 crore in the year-earlier period.

The net profit of the previous year had the benefit of a non-recurring gain of ₹512 crore from Transit Oriented Development (TOD) monetisation in the Hyderabad Metro concession. 

“Excluding this TOD monetisation gain, the Consolidated PAT for the quarter has registered a growth of 25% year on year,” the company said.

The company’s consolidated revenue grew 21% YoY to ₹61,555 crore aided by accelerated progress in various businesses in the projects & manufacturing (P&M) portfolio.

International revenues during the quarter at ₹32,057 crore constituted 52% of the total revenues.

During the quarter, the company received orders of ₹80,045 crore at the group level, a degrowth of 10% YoY. 

International orders at ₹50,083 crore comprised 63% of the total order inflow.

The consolidated order book of the group stands at ₹5,10,402 crore, up 7% over March 2024, with the share of international orders at 40%. “We have delivered yet another quarter of strong financial performance despite the continuing global macro economic volatility,” said Chairman and Managing Director S.N. Subrahmanyan.

“The projects and manufacturing businesses of the company continue to perform well. We have a record order book of over ₹5 lakh crore that is a testimony of our proven competence in the domains of engineering, construction, manufacturing, and project management,” he said.

“Our new transformative investments in green energy, data centers, digital platforms and semiconductor design will, besides improving our digital and sustainability footprint, compliment our current business portfolio as well,”” he added.

“India’s growth story remains intact on the back of continued public capex spends and a visible recovery in private investments as well. We expect the Middle East capex momentum to remain healthy. The company remains committed on delivering a sustained performance of growth,” he further said. Briefing on the results, R. Shankar Raman, Chief Financial Officer, L&T said, infrastructure projects segment, the main stay of the company performed “extremely” well across all parameters. He said the company remained upbeat of seeing a healthy order pipeline in the future. “We do look at H2 with optimism,” he added. 

In the infrastructure projects segment, a separate business vertical has been carved out for renewable energy out of the power transmission and distribution business to capitalise on the growth opportunities in a focused manner. 

“This strategic move, comes as the global shift towards clean energy gains momentum, and driven by the need for decarbonised electricity to combat an all pervasive climate change,” the company added.