LTOUF - Larsen & Toubro Limited (LTOUF) Q3 2024 Earnings Call Transcript
2024-01-30 18:01:09 ET
Larsen & Toubro Limited (LTOUF)
Q3 2024 Earnings Conference Call
January 30, 2024, 09:00 AM ET
Company Participants
Parameswaran Ramakrishnan - Head, IR
Conference Call Participants
Mohit Kumar - ICICI Securities
Sumit Kishore - Axis Capital
Parikshit Kandpal - HDFC Securities
Aditya Bhartiya - Investec
Nitin Arora - Axis Mutual Fund
Renu Baid - IIFL Securities
Priyanka Biswas - BNP Paribas Exane
Pulkit Patni - Goldman Sachs
Rahul Gajare - Haitong
Aditya Mongia - Kotak
Amit Mahawar - UBS
Presentation
Operator
Ladies and gentlemen, good day and welcome to the Larsen & Toubro Limited Q3 FY '24 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. P. Ramakrishnan, Head, Investor Relations from Larsen & Toubro Limited. Thank you and over to you, sir.
Parameswaran Ramakrishnan
Thank you, Darwin. Good evening, ladies and gentlemen. A very warm welcome to all of you into the Q3, FY '24 earnings call of Larsen & Toubro. The earnings presentation was uploaded on the Stock Exchange and in our website around 6.35 p.m. today evening. As usual, instead of going through the entire presentation, I will walk you through the key highlights for the quarter in the next half an hour or so, post which we will take question and answers.
Before I begin the overview, the usual disclaimer, the presentation which we have uploaded on the Stock Exchange and our website today, including the discussions that we will be having in this call, contains or may contain certain forward-looking statements, concerning our business prospects and profitability, which are subject to several risks, and uncertainties, and the actual results could materially differ from those in such forward-looking statements.
In contrast to global trends, the Indian economy in Q3, FY '24 has continued to present a picture of resilience and momentum. The investment activity remains healthy on the back of, continuing public CapEx. Consumption spends have received some boost, from the festival season in Q3, better capacity utilization in the manufacturing sector, strong real estate demand, healthy credit momentum, higher tax collections and an acceptable level of inflation, all are aiding the growth prospects of the Indian economy.
The fundamentals of the Indian economy remain solid, with healthier corporate and bank balance sheets, fiscal consolidation is on course, external balances remaining manageable and Forex reserves providing cushion against any possible external shocks. These factors combined with consumer and business optimism create congenial conditions, for the sustained growth of the Indian economy going forward as well.
Before I get into details of the financial performance parameters, I would like to share some important highlights for the quarter. We are happy to report that our nine-month order inflows at a group level for FY '24 at INR 2.31 trillion has already crossed full year - the last full year FY '23 levels, largely on the back of large order wins in infrastructure revolving around renewable EPC and associated utilities in the Middle East, urban mobility packages in India as well, as onshore and offshore international wins in hydrocarbon business.
Secondly, the India's longest sea bridge connecting the Indian city of Mumbai with the satellite city of Navi Mumbai, and named the Shri Atal Bihari Vajpayee Trans Harbour Link, or Atal Setu was inaugurated on the 12th of January, 2024. Our company was one of the major EPC contractors, involved in this prestigious project.
On January 22, 2024, the Honourable Prime Minister of India led the consecration ceremony, of the Shri Ram Janmabhoomi Mandir in Ayodhya. We are pleased to inform you that, this temple is also being constructed by Larsen & Toubro.
Our hydrocarbon business, has performed exceptionally well during the year. The nine-month order inflow, for this business at INR 582 billion is a record high. Consequently, the order book for this business, has expanded to INR 1.07 trillion as on December '23....
Larsen & Toubro Limited (LTOUF) Q3 2024 Earnings Call Transcript