Global lifts L&T's order boat in Q3

A surge in international contracts swelled the order book at engineering conglomerate Larsen & Toubro Ltd (L&T) in the December quarter, even as domestic orders lost steam at India's largest engineering and construction company.

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Robust growth on the global front bodes well for the conglomerate, as domestic infrastructure orders typically slow down around a general election, which is likely to be held in the June quarter.

L&T expects order inflows to grow more than 20% in FY24 against its previous guidance of 10-12%, said Chief Financial Officer (CFO) R. Shankar Raman.

The company also expects to beat its 15% revenue growth guidance for the year.

On Tuesday, L&T reported a 19% on-year growth in its consolidated revenues to ₹55,128 crore in the December quarter, while profit grew 15% on-year to 12,947 crore.

Led by its West Asia operations, L&T's international order inflows during the third fiscal quarter surged 230% over the previous year to 150,600 crore, while domestic order inflows almost halved to ₹25,400 crore. The company booked total new orders of just under 76,000 crore during the quarter, a 25% increase year-on-year.

"Domestic orders de-grew whereas international orders grew significantly to keep the overall order inflow in good shape," Raman said in a post-earnings media call.