L&T declares final dividend of ₹28 per share with Q4 net profit beating estimates

Engineering and construction giant Larsen & Toubro Ltd on Wednesday (May 8) reported a 10.3% year-on-year (YoY) increase in net profit at ₹4,396 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Larsen & Toubro posted a net profit of ₹3,987 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹4,267 crore for the quarter under review.

The company’s revenue from operations increased 15% to ₹67,078.7 crore compared to ₹58,335 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹66,280 crore for the quarter under review.

At the operating level, EBITDA increased 5.9% to ₹7,234 crore in the fourth quarter of this fiscal over ₹6,833 crore in the year-ago period. CNBC-TV18 poll had predicted an EBITDA of ₹7,520 crore for the quarter under review.

The EBITDA margin stood at 10.8% in the reporting quarter against 11.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 11.4% for the quarter under review.

The board of directors has recommended a final dividend of ₹28 per share of face value of ₹2 (in addition to the special dividend of ₹6 per share paid in August 2023) for the financial year ended March 31, 2024.  In the previous year, the final dividend was ₹24 per share.

The company will arrange to pay the proposed final dividend after approval of the shareholders in the ensuing annual general meeting. The company has fixed Thursday, June 20, as the record date for determining the entitlement of members for the proposed final dividend.

The results came after the close of the market hours. Shares of Larsen & Toubro Ltd ended at ₹3,485.20, up by ₹52.40, or 1.53%, on the BSE.