Larsen & Toubro's Q4FY17 net profit rises by 30%; declares free shares
Larsen & Toubro (L&T) surpassed analyst estimates by reporting nearly 30% rise in consolidated net profit for the fourth quarter ended March 31, 2017 result.
The company posted net profit of Rs 3,025 crore, rising by 29.5% compared to Rs 2,335 crore in the corresponding period of the previous year.
A Bloomberg poll of analysts expected net profit at Rs 2,650 crore for L&T this Q4.
Consolidated gross revenue recorded an increase of 12% year-on-year (YoY) at Rs 36,828 crore this Q4.
For entire FY17, gross revenue of L&T totaled at Rs 110,011 crore, registering 8% yoy increase. 34% of the total revenue was captured by international business where gross revenue stood at Rs 37,653 crore.
As on March 31, 2017, the company has won fresh orders worth Rs 142,995 crore at group level in the challenging business environment. International orders were worth Rs 41,507 crore - accounting 29% of the total order.
Infrastructure segment contributed customer revenue growth of 8% at Rs 52,924 crore on progress of jobs under execution. While Power business recorded growth of 8% with customer revenue of Rs 6,939 crore.
Total costs stood ar Rs 33,510 crore compared to Rs 29,240 crore in the similar period of the previous year.
In its meeting held on Monday, L&T's board of directors have recommended the issue of bonus equity shares in the ratio of 1:2. Also a divided of Rs 21 per equity shares on the pre-bonus share capital has been declared.