More Stories

Informist, Wednesday, Oct. 29, 2025

 

Please click here to read all liners published on this story

--L&T Jul-Sept consol net profit INR 39.26 bln
--Analysts saw L&T Jul-Sept consol net profit at INR 40.82 bln
--L&T Jul-Sept consol revenue INR 679.84 bln
--Analysts saw L&T Jul-Sept consol revenue at INR 710.63 bln
--L&T Jul-Sept consol net profit INR 39.26 bln vs INR 33.95 bln year ago
--L&T Jul-Sept consol revenue INR 679.84 bln vs INR 615.55 bln year ago
--L&T Apr-Sept consol net profit INR 75.43 bln vs INR 61.81 bln year ago
--L&T Apr-Sept consol revenue INR 1.32 tln vs INR 1.17 tln year ago
--L&T: Consol order book of group INR 6.67 tln as on Sept 30
--L&T: Secured orders worth INR 2.102 tln in Apr-Sept, up 39% on year
--L&T: Apr-Sept international orders INR 1.242 tln, 59% of total order inflow
--L&T: Continue to see higher capex spends in India, Middle East
--L&T Jul-Sept infra project revenue INR 321.49 bln vs INR 323.52 bln yr ago
--L&T Jul-Sept energy project revenue INR 130.90 bln vs INR 88.78 bln yr ago
--L&T Jul-Sept IT, tech svcs sales INR 133.54 bln vs INR 119.61 bln year ago
--L&T Jul-Sept hi-tech mfg revenue INR 28.31 bln vs INR 21.76 bln year ago
--L&T: Jul-Sept infra projects order inflow INR 526.86 bln, up 6% on year
--L&T: Infra projects order book INR 3.947 tln as of Sept 30; intl orders 43%
--L&T: Infra projects revenue dampened by extended monsoon in Jul-Sept
--L&T Jul-Sept infra project EBITDA margin 6.3% vs 6.0% year ago
--L&T: Q2 infra project EBITDA margin growth driven by execution efficiency
--L&T Jul-Sept energy project order inflow INR 381.56 bln, up 100% on year
--L&T: Energy projects order book INR 2.145 tln as of Sept 30; intl orders 71%
--L&T Jul-Sept energy project EBITDA margin 7.3% vs 8.9% year ago
--L&T Jul-Sept IT, tech svcs EBITDA margin 20.2% vs 21.0% year ago
--L&T Jul-Sept hi-tech mfg order inflow INR 25.82 bln, down 34% on year
--L&T Jul-Sept hi-tech mfg order inflow down on yr due to deferral of orders
--L&T: Hi-tech mfg order book INR 390.64 bln as on Sept 30; export orders 11%
--L&T Jul-Sept hi-tech mfg EBITDA margin 14.7% vs 12.8% year ago

 

By Shakshi Jain, Rajesh Gajra and Anand JC

 

NEW DELHI - Larsen & Toubro Ltd. posted steady earnings and top-line growth during the September quarter but missed analysts' estimates on both. The top-line growth was supported by a rise in revenue from the energy and hi-tech manufacturing segments, but was reined in by a decline in revenue from the infrastructure project segment.

 

The engineering and capital goods major reported a consolidated net profit of INR 39.3 billion, up 16% on year and 8.5% on quarter. But it was below the Street view of INR 40.8 billion. L&T's consolidated revenue from operations rose 10% on year and 6.8% on quarter to INR 679.8 billion, missing the analysts' estimate of INR 710.6 billion by a wide margin.  

 

The engineering behemoth's total expenses for the September quarter rose in line with revenue — 10% on year and 6.5% on quarter — to INR 630.3 billion. Employee benefit expenses of the company rose 13% on year to INR 129.9 billion in Jul-Sept and sub-contracting charges grew 21% to INR 110.0 billion. Other manufacturing, construction, and operating expenses of the company for the reporting quarter increased nearly 26% on year to INR 78.6 billion. However, L&T's total expenses were reigned in by a near 6% year-on-year decline in construction materials consumed during the quarter to INR 160.3 billion.

 

L&T secured orders worth INR 1.16 trillion at the group level during the September quarter, up 45% on year. International orders accounted for 65% of the total order inflow during the quarter at INR 755.61 billion, the company said. During Apr-Sept, the company recorded orders worth INR 2.10 trillion, up 39% on year. Within this, international orders accounted for 59% at INR 1.24 trillion. 

 

As of Sept. 30, the company's consolidated order book stood at INR 6.67 trillion, of which international orders accounted for 49%. "We continue to witness higher capex spends, in both our primary geographies of India and the Middle East, and remain fairly optimistic about order prospects," company Chairman and Managing Director S. N. Subrahmanyan said in a press release.  

 

SEGMENT-WISE PERFORMANCE

 

L&T earned 47% of its top line from the infrastructure segment in the September quarter, and 19% from the energy sector. While the services segment accounted for 28% of L&T's revenue, the hi-tech manufacturing segment contributed 4%. The company earned 44% of its revenue from India, 37% from West Asia, and 17% from the US and Europe combined.

 

Revenue from the infrastructure projects segment fell 1% on year to INR 321.49 billion during the September quarter. The segment's EBITDA margin grew to 6.3% from 6.0% in the year-ago quarter. The company said strong domestic private-sector ordering traction drove order inflow growth, and that the segment has a prospective near-term order pipeline of INR 6.5 trillion. The revenue decline reflects the stage of execution, the extended monsoon, and slower progress on water projects. The margin uptick is driven by improved execution efficiency, the company said in an investor presentation. 

 

The infrastructure projects segment recorded an order inflow of INR 526.86 billion during the September quarter, up 6% from the corresponding quarter last year. Within this, international orders accounted for 48% of the total order inflow. The segment's order book stood at INR 3.947 trillion as of Sept. 30, with international orders accounting for 43%. 

 

Revenue from L&T's energy projects segment grew to INR 130.9 billion, up 47.5% on year. The segment's order book received a boost from the "ultra mega" order won by the company in West Asia for its hydrocarbons business. Additionally, execution ramp-up across international projects drove revenue of L&T's hydrocarbons business. The segment's EBITDA fell to 7.3% for the reporting quarter from 8.9% in the base quarter. The subdued hydrocarbon margin is primarily due to cost overruns in certain competitively priced domestic and international projects nearing completion, the company said.

 

The company's hi-tech manufacturing segment reported revenue of INR 28.31 billion during the reporting quarter, up 30% year on year. Order inflows in the heavy engineering and precision engineering operations moderated in the September quarter due to deferrals, the company said. Ramp up in execution across heavy engineering and precision engineering and systems has driven the strong revenue growth, the company said. Margins of the segment grew to 14.7% for the reporting quarter, up from 12.8% in the year-ago quarter. Operational efficiencies have aided margin improvement in heavy engineering, while lower margins in precision engineering and systems are reflective of the larger share of early-stage jobs and the costs incurred in certain developmental projects, L&T said.

 

In the company's information technology and technology services segment, which includes businesses of digital platforms, data centers, and semiconductor technologies, and the financials of its subsidiaries LTI Mindtree Ltd. and LTI Technology Services Ltd., the revenue increased to INR 133.54 billion in Jul-Sept, up from INR 119.61 billion in the year-ago quarter. The segments's EBITDA margin contracted 80 basis points on year to 20.2% for the reporting quarter. "The shift is largely attributable to incremental costs incurred towards the newly incubated businesses and subdued margin in L&T Technology Services," the company said.

 

Revenue of the financial services segment of the company improved to INR 41.66 billion in the September quarter from INR 38.37 billion in the corresponding quarter a year ago. This was on the back of higher disbursements in the retail finance segment, as per the company. The segment's total loan book grew to INR 1.07 trillion as of Sept. 30, up 10% from INR 977.62 billion in March. The retail loan book now constitutes 98% of the total loan book as on Sept. 30, the company said.

 

In the development projects segment, revenue in Jul-Sept increased to INR 15.33 billion from INR 13.87 billion a year ago. The segment's earnings before interest and tax declined to INR 870 million in the reporting quarter from INR 1.25 billion a year ago.

 

For the six months ended Sept. 30, L&T reported a consolidated net profit of INR 75.43 billion on revenues of INR 1.32 trillion. Wednesday, shares of the company ended 0.4% lower at INR 3,958.10 on the National Stock Exchange. The company announced its September-quarter earnings after market hours.   End

 

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.