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Wed May 22 2024

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Construction orders up 31% at Larsen & Toubro

23 Oct 12 Larsen & Toubro recorded gross revenue of 13,328 crore (£1.55bn) for the quarter ended 30 September, representing 17% year-on-year growth.

International sales during the quarter constituted 21% of the total revenue.

The engineering and construction business revenue showed a year-on-year growth of 19%.  The businesses brought in  fresh orders of 19,136 crore (£2.3bn) – a rise of 31%, despite what the company described as the persisting subdued investment cycle during the quarter. International orders constituted 24% of the total orders for engineering and construction.

The engineering and construction business area recorded an operating margin of 12.2%.

Uncertainty prevailing around the revival of growth in the global economies and the slow pace of reforms in the domestic economy have led to deceleration of growth across the sectors, said the company. The quarter has witnessed tight liquidity conditions and volatility in the currency markets. Inflation continues to remain elevated exerting pressure on operating margins.

However, there was a rebound in industrial production and improved credit demand was seen in many sectors towards the end of the quarter. Steps taken by the Indian government underscore its commitment for accelerating the pace of economic development which provides positive signals for the prospects, said the company.

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