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<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

<keyword id="27859" type="General" weightage="20" keywordseo="Engineering" source="Orion">Engineering</keyword> and construction conglomerate <keyword id="13457337" type="COMPANY" weightage="20" keywordseo="larsen-toubro" source="Orion" meta.marketcap="284501.91386987997" meta.tagname="Larsen &amp; Toubro Ltd" meta.tagpopularcount="0" meta.sectorid="513" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="13447" meta.tagseoname="larsen-&amp;-toubro-ltd" meta.sector="Construction" meta.tagnameorg="Larsen &amp; Toubro Ltd.">Larsen &amp; Toubro</keyword> (<keyword id="6354919" type="General" weightage="100" keywordseo="LT" source="Orion">L&amp;T</keyword>) on Monday said it has hired more than 3,000 fresh engineering trainees in the current financial year. The onboarding of over 3,000 graduate and postgraduate engineering trainees in the ongoing fiscal marks a more than three-fold rise as against 1,067 trainees last fiscal. The number of female engineers hired has more than quadrupled to 1,009 trainees in FY23 from 248 trainees in FY22, L&amp;T said in a statement. "It is worth noting that 30 per cent of current batch of fresh engineers are women which is commendable given the fact that 75 per cent of the fresh engineers are hired from mechanical, civil and electrical streams where women candidates are less. "Currently, women employees comprise 7.6 per cent of the total workforce at L&amp;T, and they have already successfully forayed into fields long considered to be male bastions," company's Executive Vice President &amp; Head, Corporate Human Resource C Jayakumar said. The company is expanding rapidly and is currently sitting on a record order book, he said, adding, this requires keeping a steady talent pipeline of trained technical professionals for meeting effectively the current and future <keyword id="15310980" type="TOPIC" weightage="60" keywordseo="Business" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92948412" meta.seopath="b/business" meta.entityname="Business" meta.hostid="153" meta.entityid="business">business</keyword> requirements. "This was central to the management's decision to more than double the hiring of fresh engineers compared to last <keyword id="15314880" type="TOPIC" weightage="60" keywordseo="Fiscal-year" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92741070" meta.seopath="f/fiscal-year" meta.entityname="Fiscal year" meta.hostid="153" meta.entityid="fiscal-year">fiscal year</keyword>. We went to the market to address our additional business requirement and got an overwhelming response from fresh engineers," he added. L&amp;T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/real-estate-investors-may-be-turning-to-india-following-a-continued-slump-in-chinas-property-market-says-a-report/articleshow/95649758.cms">Real estate investors may be turning to India following a continued slump in China's property market, says a report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/companies-discussing-labour-shortage-up-by-28-in-2022-report/articleshow/95654525.cms">Companies discussing labour shortage up by 28% in 2022: Report</a>

Larsen & Toubro hires more than 3,000 engineering trainees in FY23

India Business Wire India Q4 <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> of 197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ <keyword id="1380245" type="COMPANY" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021. Highlights for Q4FY21 include: Revenue at ₹14,405 million; growth of 2.8% QoQ <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> Revenue at 197.5 million; growth of 3.9% QoQ EBIT margin at 16.6%; up 140 bps QoQ Net profit at ₹1,945 million; growth of 4.5% QoQ Highlights for FY21 include: Revenue at ₹54,497 million; decline of 3% USD Revenue at 737 million; decline of 6.3% EBIT margin at 14.5% Net profit at ₹6,633 million; decline of 19% Board has recommended a final dividend of ₹14.50 per share During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter. We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path. We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships, said Amit Chadha, CEO &amp; Managing Director, L&amp;T Technology Services Limited. Industry Recognitions: LTTS has been recognized as a Leader' for Development and Verification &amp; Validation services in Industry 4.0 by Everest Group ISG Group rated LTTS as Leader' in Smart Manufacturing Services for Automotive and Hi-Tech LTTS won the 2021 Big Innovation Awards, USA for Chest rAI and i-BEMS . For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. Patents At the end of the fourth quarter, the patents portfolio of L&amp;T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. Human Resources At the end of Q4FY21, LTTS' employee strength stood at 16,452. About L&amp;T Technology <keyword id="266374" type="DOMAIN" weightage="20" keywordseo="Services-Ltd">Services Ltd</keyword> L&amp;T Technology Services Limited (LTTS) is a listed subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword> focused on Engineering and R&amp;D (ER&amp;D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

L&T Tech announces dividend of ₹14.50  even as revenue for the year dips by 3%

New Delhi, The <keyword id="65338" type="COMPANY" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> on Monday carried out <keyword id="10539618" type="UNKNOWN" weightage="20" keywordseo="limited-verification-exercise">limited verification exercise</keyword> at the <keyword id="183089" type="PERSON" weightage="20" keywordseo="office-premises">office premises</keyword> of the <keyword id="61966" type="COMPANY" weightage="20" keywordseo="Zee-group">Zee Group</keyword> and <keyword id="90593" type="DOMAIN" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword> to verify into their bogus inputs about tax credit, official said. A senior IT official said, "There are no searches or raids but we are carrying out limited verification exercise at the offices of the <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> and Zee group as we had information that they had claimed bogus input tax credit." The official said that it is basically a follow up exercise and there is limited action on both the groups. "We are covering these group and the companies related to these groups on account of this bogus input taxes," the official added. The official, however, refused to share the details of the offices where the verification process is being carried out. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-beml-hcl-tech-infosys-tech-mahindra-tcs-ril-tata-motors-hero-moto-tvs-and-others/articleshow/80089765.cms">Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

L&T and Zee Group accused of filing 'bogus' tax claims — verification underway

The Defence Acquisition Council (DAC) on Friday cleared the issuing of a Request For Proposal (RFP) for the <keyword id="6355100" type="COMPANY" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword>'s mega deal to procure six <keyword id="117400" type="PERSON" weightage="20" keywordseo="Submarines">submarines</keyword> under Project-75I through a strategic partnership route worth over ₹45,000 crore. Two Indian companies and five foreign Original Equipment Manufacturers had already been shortlisted earlier. The mega deal was approved during the DAC meet on Friday led by Defence Minister Rajnath Singh. The mega submarine project for building of indigenous submarines for the <keyword id="42407" type="COMPANY" weightage="20" keywordseo="Navy">Navy</keyword> got the final clearance wherein two Indian companies that can work in collaboration with a foreign manufacturer. The RFP has been issued to Mazagon Docks (MDL) and private company <keyword id="45475" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword>. Under the Project 75I, the submarines for the Indian Navy are going to be constructed in India and will be through ToT by the OEMs. This project is under the strategic partnership model which was adopted in an effort to ensure building capacity in the Indian industry. The idea is that this is going to help in the local manufacturing of major military platforms. The project received a clearance from the Cabinet Committee on Security (CCS) way back in 1999 and Acceptance of Necessity granted in 2007. The strategic partnership model aims at promoting India as a manufacturing hub for defence equipment, in addition to establishing an industrial and R&amp;D eco-system capable of meeting the future requirements of the Armed Forces besides giving boost to exports. The Indian Navy currently has 12 submarines. In addition there are two nuclear submarines <keyword id="45878" type="COMPANY" weightage="20" keywordseo="INS-ARIHANT">INS Arihant</keyword> and INS Chakra in the navy's fleet. Upgrading its submarine operations and the naval fleet has been the top priority for the Indian Navy in wake of the increased presence of Chinese vessels in the Indian Ocean region. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-rossari-biotech-tata-power-and-other-stocks-to-watch-out-for-on-june-3/slidelist/83193921.cms">Reliance Industries, Rossari Biotech, Tata Power and other stocks to watch out for on June 3</a>

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L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

Katya Naidu

Larsen & Toubro hires more than 3,000 engineering trainees in FY23

PTI

L&T Tech announces dividend of ₹14.50 even as revenue for the year dips by 3%

PTI

L&T and Zee Group accused of filing 'bogus' tax claims — verification underway

IANS

Defence Ministry clears Indian Navy's ₹45000 crore deal to procure six submarines

IANS

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