Larsen and Toubro (L&T) shares went up soaring early Wednesday after the construction giant reported a 46.5% year-on-year rise in its first-quarter profit, reaching ₹2,493 crore.
What Happened? This increase surpasses expectations, with operation revenues also growing by 33.6% to ₹47,882.37 crore. This growth was mainly due to a robust initial order book in L&T’s Projects and Manufacturing segments.
The firm announced international revenues of ₹19,022 crore, making up 40% of the total revenue. The total income for the quarter was ₹49,027.93 crore, up 34.1% from the previous year, while total expenses reached ₹44,695.56 crore.
Special dividend: L&T also declared a special dividend of ₹6 per equity share for the 2023-24 fiscal year, with a record date of Aug 2. The company received orders worth ₹65,520 crore at the group level during the quarter, marking a significant year-on-year growth of 57% across various sectors, including rail, renewables, and hydrocarbon business. International orders accounted for 42% of the total order inflow.
Share buyback: L&T also plans to buy back 3.33 crore shares, equal to 2.4% of its equity capital, at a maximum price of ₹3,000 per share. The company will also invest an additional ₹506 crore in its L&T Energy Green Tech unit and has agreed to acquire the entire 40% shareholding of Sapura Nautical Power in the L&T Sapura Offshore joint venture.
Share Price: L&T Ltd. shares were up 3.92% at ₹2,661.30, early on Wednesday.
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