On Wednesday, the shares of India’s largest conglomerate, which is involved in engineering projects, rose up to 2 percent to Rs 2,983.15 a share after the business revealed solid September quarter financial results.
At 12:15 p.m.On the National stock exchange, Larsen & Toubro Ltd shares were trading at Rs 2,901 per share, down Rs 28 or 0.96 percent from the previous close price. The company has a market capitalization of Rs 4,07,630 crore.
Larsen and Toubro reported a 19 percent increase in revenue year on year, from Rs 43,501 crore in Q2FY23 to Rs 52,157 crore in Q2FY24. During the same period, net profit increased by 45 percent from Rs 2,228 crore to Rs 3,223 crore.
In comparison to the previous quarter, operational revenue increased by 6 percent from Rs 49,027 crore in Q1FY24 to Rs 52,157 crore in Q2FY24, Further net profit has risen by 29 percent from Rs 2,493 crore to Rs 3,223 crore. According to the company’s exchange filing.
The Company received orders worth Rs 89,153 crore at the group level during the quarter ended September 30, 2023, registering a robust growth of 72 percent on a year-on-year basis.
Similarly, The company’s consolidated order book stood at Rs 4,50,734 crore as of September 30, 2023, with international orders having a share of 35 percent.
During the quarter, the company received orders across diverse segments like Onshore verticals of the Hydrocarbon business, Urban Transit systems, Transmission and distribution as well as Residential and Commercial Space. International orders at ₹ 59,687 crore during the quarter comprised 67% of the total order inflow.
The Global brokerage CLSA has suggested a target of Rs 3,600 on the shares of Larsen & Toubro Ltd, implying 23 percent from the previous close price.
The brokerage anticipated that the increase in order inflow and capital return would increase the company’s return on equity (RoE) to more than 15 percent.
Larsen & Toubro Ltd shares have delivered a 21 percent return in the last six months and 44 percent in the last year.
Larsen & Toubro is India’s largest conglomerate that is engaged in engineering, procurement, and construction (EPC) solutions. In both domestic and international markets, such as infrastructure, hydrocarbons, power, process industries and defence, information technology, and financial services.
Written by Omkar Chitnis
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