The engineering and construction giant, L&T, reported an impressive consolidated net profit of ₹2,493 crore in the first quarter of FY24, marking a substantial 46% increase compared to ₹1,702 crore in the corresponding quarter of the previous fiscal year.
L&T’s consolidated revenues also seen a substantial growth, with a by 34% YoY rise to ₹47,882 crore from ₹35,853 crore, with international revenues contributing 40% to the overall figures.
In Q1FY24, L&T successfully secured orders worth ₹65,520 crore, reflecting a robust year-on-year growth of 57%.
The company’s EBITDA has shown a signifiacant 23% surge in Q1FY24, reaching ₹4,869 crore from ₹3,953 crore during the same quarter of the previous year. Although the EBITDA margin experienced a slight YoY decline to 10.2% from 11%.
Highlight of the day was the announcement of its first-ever buy-back decision. L&T shared its ₹10,000 crore worth buyback plan. L&T is looking to buy back a 2.4% stake, approximately 33.33 million shares, from public shareholders through a book building process on the stock exchange, offering up to ₹3,000 per share to willing shareholders.
Several brokerage agencies came with their views. While Morgan Stanley maintained an ‘Overweight’ rating with a target price of ₹2,850 per share, Prabhudas Lilladher upheld a ‘Buy’ rating by raising the target price to ₹2,955.