L&T Consolidated Q4FY23 PAT grows 10% YoY to Rs 3,987 crore; final dividend of Rs 24 per equity share announced

For the year ended March 31, 2023, it reported a total Consolidated Profit After Tax (PAT) of Rs 10,471 crore, registering a growth of 21% compared to the previous year. 

The PAT includes an exceptional gain of Rs 97 crore (net), attributed to profit on the divestment of the Mutual Fund business of the Financial Services segment partly off-set by a one-time charge due to remeasurement of the wholesale loan assets of the Financial Services segment at fair value.

Consolidated revenues stood at Rs 183,341 crore for the year ended March 31, 2023 recording a healthy y-o-y growth of 17%, aided by strong execution of a large order book in the Infrastructure Projects segment and robust momentum in the IT&TS portfolio.

International revenues during the year at Rs 68,787 crore constituted 38% of the total revenue.

For the quarter ended March 31, 2023, the Consolidated Revenues at Rs 58,335 crore recorded a y-o-y growth of 10%.

The share of international revenues during the quarter was 39%.

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%.

During the year, orders were received across multiple segments like Public Spaces, Hydel & Tunnels, Irrigation Systems, Ferrous Metals, Oil & Gas, Power Transmission & Distribution and Defence sectors.

International orders stood at Rs 86,523 crore during the year comprised 38% of the total order inflow.

The order inflow for the quarter ended March 31, 2023 stood at Rs 76,099 crore, registering a growth of 3% over the corresponding quarter of the previous year. International orders at Rs 36,046 crore constituted 47% of the total.

The consolidated order book of the group is at Rs 399,526 crore as on March 31, 2023, with international orders having a share of 28%. The order book of Rs 399,526 crore represents a growth of 12% over Rs 357,595 crore as on March 31, 2022.

Infrastructure Projects Segment

Infrastructure Projects segment secured Rs117,119 crore in order inflow, growing by 25% YoY, with international orders contributing 22%. In Q1, orders amounted to Rs41,187 crore, showing a 9% decline due to a high base. The order book reached Rs284,850 crore, with international orders accounting for 22%.

Customer revenue for the year was Rs86,717 crore, growing by 20%, supported by execution of large orders. International revenue represented 22%. In Q1, revenue reached Rs31,222 crore, growing by 5%, with international revenue at 27%.

The segment's EBITDA margin for the year was 7.0%, down from 8.2% due to commodity price increases and logistic challenges.

Energy Projects Segment

Energy Projects segment secured Rs30,750 crore in orders, declining by 5% YoY due to subdued thermal power plant tendering. International orders constituted 61% of the total order inflow. In Q1, orders amounted to Rs8,892 crore, growing by 17% driven by international orders in the Hydrocarbon business.

The order book stood at Rs72,463 crore, with international orders accounting for 63%.

Customer revenue for the year reached Rs24,907 crore, growing by 6% with improved execution momentum in the Hydrocarbon business. International revenue represented 39%. In Q1, revenue reached Rs7,916 crore, growing by 18% with international revenue at 47%.

The segment's EBITDA margin for the year was 9.1%, up from 7.8% due to cost efficiencies in execution.

Hi-Tech Manufacturing Segment

Hi-Tech Manufacturing segment secured Rs15,762 crore in orders, growing by 39% YoY with significant contributions from Defence Engineering. Export orders constituted 17% of the total order inflow. In Q1, orders amounted to Rs8,573 crore, growing by 41% with international orders at 9% of the total.

The order book reached Rs26,214 crore, with export orders accounting for 13%.

Customer revenue for the year was Rs6,535 crore, growing by 10% driven by increased execution in the Refinery Equipment sub-segment. International revenue represented 24%. In Q1, revenue reached Rs2,134 crore, growing by 21% with export sales at 30% of the total.

The segment's EBITDA margin for the year was 18.0%, declining from 19.6% due to supply chain issues, additional cost provisions, and changes in job mix impacting execution.