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Infrastructure major Larsen & Toubro Ltd (L&T) on Tuesday (July 29) reported a 29.9% year-on-year surge in net profit at ₹3,617 crore for the first quarter that ended on June 30, 2025, topping estimates.
This was against a net profit of ₹2,786 crore in the year-ago quarter. The CNBC-TV18 poll had predicted a profit of ₹3,387 crore.
Revenue from operations increased 15.5% to ₹63,678 crore against ₹55,119 crore a year ago, beating the projected figure of ₹62,829 crore.
At the operating level, EBITDA increased 12.5% to ₹6,316 crore in the first quarter over ₹5,615 crore in Q1FY25. The CNBC-TV18 poll had predicted an EBITDA of ₹6,362 crore.
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The EBITDA margin narrowed slightly to 9.9% in the reporting quarter from 10.2% last year, missing the poll's estimate of 10.1%.
L&T registered a YoY growth of 33% aided by a strong ordering momentum across diverse businesses. The company received orders worth ₹94,453 crore at the group level during the quarter across multiple businesses like thermal BTG, renewables, power transmission & distribution, hydel, non-ferrous metals, offshore & onshore businesses of hydrocarbon, and commercial and residential projects.
orders stood at ₹48,675 crore, accounting for 52% of the total order inflow.
The consolidated orderbook of the group as of June 30 was at ₹612,761 crore, a growth of 6% over March 2025. The share of international orders was 46%.
revenues during the quarter were at ₹32,994 crore, which constituted 52% of the total revenues.
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In the infrastructure projects segment, Larsen & Toubro secured an order inflow of ₹41,024 crore during the first quarter, registering a 2% growth over the same period last year. orders made up 69% of the total, supported by major wins in the renewables, and transmission & distribution businesses.
The orderbook for the segment stood at ₹370,390 crore as of June 30, with 42% comprising international orders.
Customer revenues in the quarter stood at ₹28,757 crore, reflecting a 7% YoY growth, with 40% coming from international markets. The segment’s EBITDA margin was stable at 5.7%, in line with the same quarter of the previous year.
The energy projects business reported order inflows of ₹31,420 crore during the quarter, registering more than 100% growth over last year, aided by multiple BTG package wins in the CarbonLite Solutions business. orders accounted for 24% of the total order inflow.
The segment’s orderbook stood at ₹186,401 crore as of June 30, with 65% comprising international orders. Customer revenues rose 47% YoY to ₹12,470 crore, driven by ramped-up execution of international projects in the hydrocarbon business. revenues contributed 71% of the total. The EBITDA margin for the quarter was 7.3%, compared to 8.7% a year earlier, reflecting variations in project execution stages.
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In the hi-tech manufacturing segment, L&T secured orders worth ₹1,889 crore in the quarter, a 49% decline over the previous year due to a high base in the precision engineering & systems (PES) business. Export orders accounted for 52% of the total order inflow.
The orderbook stood at ₹39,162 crore as of June 30, 2025, with 12% from export markets. Customer revenues grew 75% YoY to ₹3,227 crore, driven by better execution in both heavy engineering and PES. revenues contributed 25% of the total. The segment’s EBITDA margin stood at 15.1%, down from 17.4% in the previous year, primarily due to early-stage execution of key PES orders that have not yet contributed margin.
The IT & technology services (IT&TS) segment recorded customer revenues of ₹12,619 crore during the quarter, reflecting a 10% YoY growth. billing constituted 92% of the total revenues. The EBITDA margin for the quarter was 19.5%, slightly lower than 20% a year ago, due to incremental costs associated with newly incubated businesses.
The financial services segment posted income from operations of ₹3,971 crore in the quarter, up 8% over last year, mainly due to focused higher disbursements in the retail business. The total loan book as of June 2025 stood at ₹102,314 crore, up 5% from ₹97,762 crore in March 2025. The retail loan book made up 98% of the total. The segment’s profit before tax for the quarter was ₹943 crore, in line with the previous year.
In the development projects segment, customer revenues stood at ₹1,242 crore for the quarter, reflecting a 6% YoY decline due to a lower plant load factor (PLF) at the Nabha thermal power plant. The segment’s EBIT was ₹143 crore, consistent with the same period in the previous year.
The results came after the close of the market hours. Shares of Larsen and Toubro Ltd ended at ₹3,495.10, up by ₹72.90 or 2.13%, on the BSE.
