New Delhi: Larsen and Toubro (L&T) Tuesday posted a 36 per cent rise in consolidated net profit to Rs 3,116.12 crore in the June quarter, mainly helped by higher income.
The company’s board has also approved buyback of shares worth up to Rs 10,000 crore.
According to a regulatory filing, the total income increased to Rs 49,027.93 crore in the first quarter of the current fiscal from Rs 36,547.92 crore in the year-ago period.
It had a net profit of Rs 2,293.01 crore in the corresponding period of 2022-23.
L&T’s expenses in the June quarter rose to Rs 44,695.56 crore from Rs 33,619.24 crore a year ago.
The Board of Directors of the company has approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on buyback.
The proposal is subject to the approval of shareholders.
Further, the board of Directors has cleared a special dividend of Rs 6 per equity share.
“The Q1 FY24 performance is on the back of a robust topline and bottomline growth, supported by excellent balance sheet management, resulting in improved return ratios.
“We are walking the talk by returning surplus cash to shareholders in our journey to improve the group return ratios over the Lakhshya Strategic Plan period ending FY26,” S N Subrahmanyan, Chief Executive Officer and Managing Director of L&T said in a statement.
He said the capex buoyancy in India & GCC (Gulf Cooperation Council) is providing the much-needed tailwinds for growing the company’s projects and manufacturing portfolio, ably supported by the resilient performance of the services businesses.