The Engineering and capital goods major, Larsen and Toubro (L&T) declared its fourth quarter results on Wednesday.

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Revenues at Rs 58,335 crore improved 10 percent year on year, but came in below expectations of Rs 59,300 crore. The company says its performance was aided by strong execution of a large order book in the Infrastructure Projects segment and robust momentum in the IT&TS portfolio. Of the total revenues, share of international revenues stood at 39 percent.

Earnings before interest, tax, depreciation and amortization (EBITDA) grew moderately by 5 percent to Rs 6,833 crore when compared with same quarter of last year, which is 6 percent below the CNBC-TV18 poll. Operating margins during the quarter fell 50 bps to 11.7 percent versus 12.3 percent clocked in the same quarter of last year.

Profit After Tax (PAT) grew 10 percent year on year to Rs 3,987 crore, but came in 5 percent below the street expectations. The PAT includes an exceptional gain of Rs 97 crore (net), attributed to profit on divestment of the Mutual Fund business of the Financial Services segment partly off-set by a one time charge due to remeasurement of the wholesale loan assets of the Financial Services segment at fair value.

The order inflow for the March ended quarter stood at Rs 76,099 crore, registering a growth of 3 percent over the corresponding quarter of the previous year. International orders at Rs 36,046 crore constituted 47 percent of the total.

For the full financial year 2022-23, revenues are higher by 17 percent on year on year basis to Rs 1.83 lakh crore. EBITDA jumped 14 percent however margins declined 30 bps to 11.3 percent. PAT jumped 21 percent to Rs 10,471 crore.

Order inflows are higher by 19 year on year and crossed the Rs 2 lakh crore mark in financial year 2022-23. The 19 percent growth is much higher than the company's earlier guidance of 12 to 15 percent. Orders received during the year summed to Rs 2,30,528 crore. The consolidated order book of the group is at Rs 3,99,526 crore, registering a growth of 12 percent year on year.

Board recommends a final dividend of Rs 24. The stock closed flat in trade on Wednesday.

The company in an exchange filing said, Mr. A. M. Naik steps down as Non-Executive Chairman with effect from September 30, 2023 and has been conferred the status of “Chairman Emeritus” by the Board. Mr. S.N Subrahmanyan currently the Chief Executive Officer & Managing Director, has been re-designated as the “Chairman and Managing Director” of the Company with effect from October 1, 2023.

For financial year 2023-24, L&T's order inflow guidance is 10 to 12 percent, revenue growth guidance is 12 to 15 percent and core EBITDA margin guidance is 9 percent.