L&T Q1 Results FY2023, PAT at Rs. 1702 crores
On 26th July 2022, L&T announced its quarterly results for the first quarter of FY2023.
Q1FY23 Key Highlights:
- Larsen & Toubro achieved Revenues of ₹ 35,853 crores for Q1FY23 recording YoY growth of 22% with strong execution witnessed in the Infrastructure Segment and riding on the sustaining growth momentum in the IT&TS portfolio.
- International revenues during the quarter at ₹ 13,235 crores constitute 37% of the total revenue.
- The Company posted Profit After Tax (PAT) of ₹ 1,702 crores and registered a robust growth of 45% over the Q1FY22.
- The Company secured orders worth ₹ 41,805 crores at the group level during Q1FY23, registering a growth of 57% over Q1FY22.
- Infrastructure project segment recorded customer revenues of ₹ 14,181 crores for Q1FY23, registering YoY growth of 36% aided by improved execution momentum as the Covid-related challenges receded in the current quarter. International revenues constituted 19% of the total customer revenues of the segment during the quarter.
- Energy project segment posted customer revenues of ₹ 5,073 crores during Q1FY23, recording a growth of 3% YoY, largely attributed to the pickup of execution momentum in the Power business. International revenues had a share of 30% of the total customer revenues for the quarter.
- Hi-Tech Manufacturing segment posted revenues of ₹ 1,272 crores for Q1FY23, recording a marginal YoY growth of 3%. Export sales comprised 19% of the total customer revenues for the quarter
- IT&TS segment recorded revenues of ₹ 9,424 crores for Q1FY23, registering a YoY growth of 30% reflecting continued growth momentum in the IT&TS sector. International billing contributed 92% of the total customer revenues of the segment for Q1FY23. The revenue in USD terms for the 3 listed entities at USD 1,219 Mn, registered a sequential growth of 3%.
- Financial services segment recorded income from operations at ₹ 2,958 crores during Q1FY23, registering a YoY decline of 3%, mainly attributed to the targeted reduction in the wholesale loan book.
- Development projects segment recorded revenues of ₹ 1,345 crores registering a growth of 19% over the Q1FY22, driven by a higher PLF in the Nabha Power plant and an increase in ridership in Hyderabad Metro
- The other segments posted revenue at ₹ 1,599 crores and registered a growth of 21% YoY with the higher handover of flats in the Realty business and an increase in sales of Rubber Processing Machinery. Export sales constituting 6% of the total customer revenues of the segment during the quarter majorly pertains to the export of Industrial Valves and Rubber Processing Machinery.
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