L&T bags water projects in Odisha, MP; sees 45% jump in consolidated PAT in Sept 2023 quarter
Engineeting & construction major L&T has said it has secured significant contracts for its water and effluent treatment business even as its consolidated net profit jumped 45 per cent and revenuews rose by 19 per cent for the quarter ended September 2023 on the back of improved execution of large order book.
The company’s water and effluent treatment business secured repeat orders from Odisha’s Water Resources Department to execute Cluster XXII & Cluster XXV mega lift irrigation projects. The company classifies all order worth between Rs 1000 crore and Rs 2500 crore as ‘significant’.
The aggregate scope of works includes execution of 19 lift irrigation schemes comprising intake points spread across the Manjore reservoir, Brahmani River, Rengali Left Main canal, Rengali Right Main Canal & lndravati Reservoir to irrigate a culturable command area of 28,944 hectares in the districts of Angul, Dhenkanal & Nabarangpur on a turnkey basis.
The scope additionally includes establishing a distribution network, power system connectivity, and operation and maintenance of the entire commissioned infrastructure for fifteen years.
The company has bagged an add-on order from Madhya Pradesh Water Resources Department to execute pressurized piped lift irrigation projects on a turnkey basis to irrigate about 34,942 Ha of culturable command area in the Dewas district of Madhya Pradesh.
These orders align with the company’s commitment to sustainable development and to improving the lives of farmers and communities, L&T said in an official statement.
In a statement, the company recorded consolidated revenues of Rs 51,024 crore for the quarter ended September 30, 2023, a 19 per cent growthwhile international revenues during the quarter at Rs 21,898 crore constituted 43 per cent of the total revenue.
For the half-year ended September 30, 2023, the consolidated revenues at Rs 98,906 crore recorded a growth of 26 per cent with international revenues during the half-year at Rs 40,921 crore constituting 41 per cent of the total.
The company’s consolidated profit after tax (PAT) was at Rs 3,223 crore for the September 2023 quarter, registering a significant growth of 45 per cent compared to the corresponding quarter of the previous year. For half-year ended September 30, consolidated PAT was at Rs 5,716 crore, registered a growth of 45 per cent.
L&T received orders worth Rs 89,153 crore at the group level during the September 2023 quarter, registering 72 per cent. The company’s infrastructure projects segment secured order inflow of RS 27,990 crore during the September 2023 quarter. International orders at Rs 6,775 crore constituted 24 per cent of the total order inflow of the segment during the quarter.
The segment order book stood at Rs 304,497 crore as on September 30, 2023, with the share of international orders at 23 per cent.
The segment posted customer revenues of Rs 24,613 crore during the quarter ended September 30, 2023, registered 27 per cent aided by execution of projects across various sites. International revenue constituted 28 per cent of the total customer revenue of the segment during the quarter.
The EBITDA margin of the segment during the quarter ended September 30, 2023 was at 5.4 per cent as against 6.6 per cent recorded in the corresponding quarter of the previous year.
