l&t q1 results out, compamy net profit rises 46% to rs 2493 crore

New Delhi: Infrastructure major Larsen & Toubro (L&T) on Tuesday said its April-June quarter consolidated net profit rose 36 per cent year-on-year to Rs 3,116.2 crore. Meanwhile, the company’s board also approved a share buyback plan worth Rs 10,000 crore. L&T said in the information given to the stock markets that its profit has increased due to increase in income in the last quarter. The company’s net profit stood at Rs 2,293.01 crore in the year-ago quarter.

The company’s total income increased to Rs 49,027.93 crore during the period under review, as against Rs 36,547.92 crore in the year-ago period. The company’s expenses also increased to Rs 44,695.56 crore in the first quarter of the current financial year from Rs 33,619.24 crore a year ago. The company’s board of directors has also approved share buyback proposal. The board of directors approved a proposal to buy back shares worth Rs 10,000 crore. However, the approval of the shareholders is yet to be taken on this. Apart from this, the board of directors has also announced a special dividend of Rs 6 per share.

L&T Chief Executive Officer (CEO) and Managing Director SN Subramaniam said in the statement, “The performance has been good in the first quarter with strong revenue income and increase in profit. We are going to return the excess cash to the shareholders to improve the return ratio of the group. Subramaniam said that increasing capital expenditure in India and Gulf countries is supporting the expansion of the company’s projects and manufacturing portfolio.