L&T share price hits 52-week high after strong Q1 results

Larsen & Toubro (L&T) share price rallied over 4% to hit a 52-week high on Wednesday after the company reported strong Q1 results. 

L&T share price gained as much as 4.21% in the early trade to ₹2,670.00 apiece on the BSE.

The engineering and construction major L&T posted a consolidated net profit of ₹2,493 crore in the first quarter of FY24, higher by 46% than ₹1,702 crore during the corresponding quarter in the previous fiscal year.

L&T reported 34% YoY growth in consolidated revenues, reaching ₹47,882 crore from ₹35,853 crore, with international revenues contributing 40% of the total.

During Q1FY24, L&T received orders worth ₹65,520 crore, registering a strong YoY growth of 57%.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 23% in Q1FY24 to ₹4,869 crore from ₹3,953 crore during the same quarter last year. 

The EBITDA margin declined marginally to 10.2% from 11%, YoY.

L&T on Tuesday also announced a share buyback plan worth as much as ₹10,000 crore from its public shareholders, the engineering giant’s first such offer in its eight-decade-long history.

The company may offer to buy back a 2.4% stake, or 33.33 million of shares, held by public shareholders through a book building process on the stock exchange.

The conglomerate will offer up to ₹3,000 per share to shareholders willing to tender their shares in the buyback.