Infrastructure
From India To Middle East: L&T Gears Up For Major Infrastructure Push
V Bhagya Subhashini
May 10, 2024, 03:20 PM | Updated 03:20 PM IST
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Larsen & Toubro (L&T) is gearing up to maintain its investments in the Middle East region while adopting a more comprehensive approach.
L&T is diversified conglomerate with a significant presence in various sectors such as defence, infrastructure, power, construction, technology, and finance.
The conglomerate's management revealed that their investments in the Middle East would not solely revolve around hydrocarbons but would also extend to infrastructure development, with a particular focus on transforming the region into a tourist destination.
Shankar Raman, the CFO of L&T, emphasised during a management call on 8 May that the Middle East region's demand for infrastructure development and energy generation, coupled with downstream investments in petrochemical and related sectors, would continue to receive significant attention.
Looking ahead, Raman mentioned that they would assess investments based on their potential returns, categorising them as either "fancy investments" or "must-have investments".
As of March 2024, L&T's total order book amounted to Rs 4.75 lakh crore, with the Middle East contributing approximately 35 per cent.
Additionally, the Middle East accounted for around 22 per cent of the firm's total revenue in the fourth quarter, totalling Rs 2.2 lakh crore.
However, L&T witnessed a decline in international order inflows in Q4FY24, dropping to Rs 25,217 crore from Rs 36,046 crore in the corresponding period previous year.
Despite this temporary setback, the management remains optimistic about international order inflows in the fiscal year 2024-25, reports Moneycontrol.
In terms of financial performance, L&T reported a consolidated net profit of Rs 4,396 crore for Q4FY24, marking a 10 per cent increase compared to Rs 3,987 crore in the same quarter of the previous year.
Revenue from operations for the quarter stood at Rs 67,079 crore, reflecting a 15 per cent growth from Rs 58,335 crore in the corresponding quarter of the previous fiscal year.
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