Q1-FY24 · Parameswaran Ramakrishnan
Our group order inflows, revenues, and PAT is up by 57%, 34%, and 46% respectively, over the corresponding quarter of the previous year.
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Larsen & Toubro · tone and specificity signals across the available quarters.
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Q1-FY24 · Parameswaran Ramakrishnan
We remain confident of achieving the order inflow growth of 10%-12%, and the revenue growth of 12%-15% for the year FY 2024.
Q1-FY24 · Parameswaran Ramakrishnan
The size of the CapEx spend that we are witnessing in some of the countries in Middle East is so large that the few of the companies that have been selected as an approved bidder, I think the size of the cake is so large that each one will probably get a fair share.
Q1-FY25 · P. Ramakrishnan
We still maintain what we gave at 10% order inflow. That guidance is still being maintained, but you can have some amount of order prospects getting deferred and something we have lost also in that particular segment.
Q1-FY25 · P. Ramakrishnan
The drop is largely witnessed in the Hydrocarbon segment, and I would not like to specify answer to a particular customer. I think there has been some amount of tendering that has happened where we have not secured.
Q1-FY25 · P. Ramakrishnan
We are on track to more or less meet our targets at this juncture. I think we have started off very well as far as the margins is concerned.
Q1-FY26 · Parameswaran Ramakrishnan
We are pleased to highlight that we have begun our final year of StratPlan FY 2026 on a strong note with a robust performance across the various financial parameters.
Q1-FY26 · Parameswaran Ramakrishnan
The hydrocarbon margin drift for Q1 is along budgeted lines, and the same has been baked in the P&M margin guidance for FY 2026 that we gave at the start of this year.
Q1-FY26 · Parameswaran Ramakrishnan
If you really ask me, the overall net working capital of the P&M segment today is at almost 8.5%. Now, if I just exclude water as a segment, there can be a further improvement of almost 75 basis points.
Q2-FY24 · P. Ramakrishnan
We are indeed off to a good start in H1, the current year, both in terms of orders secured and the revenues achieved during this period.
Q2-FY24 · P. Ramakrishnan
It would be a fallacy to assume that a large part of orders coming from international orders can have an adverse impact on the margin trajectory.
Q2-FY24 · P. Ramakrishnan
The company will pursue its stated objective of demonstrating profitable growth with judicious use of capital and improve shareholder value on a sustained basis.
Q2-FY25 · P. Ramakrishnan
We continue to maintain our guidance for the current financial year around group order inflows, group revenues, margins in the production manufacturing portfolio, and group net working capital to revenue.
Q2-FY25 · P. Ramakrishnan
We have a strong order prospects pipeline of INR 2.49 trillion for this energy segment for the remaining six months.
Q2-FY25 · Subramanian Sarma
We are well placed in some of the bids that have happened on BTG, almost 6,400 megawatts. We are well placed across three projects.
Q2-FY26 · Parameswaran Ramakrishnan
We are confident of exceeding our full-year FY 2026 guidance of 10% growth in group order inflows for the current year.
Q2-FY26 · Subramanian Sarma
I think this run will continue for some more time, at least for the next two, three, four years. I mean, beyond that, I cannot predict, so all in all, I'm quite optimistic.
Q2-FY26 · Parameswaran Ramakrishnan
The current southward movement in Energy margins is baked. I reiterate, is baked when you are given the guidance of eight and a half.
Q3-FY24 · Ramakrishnan Parameswaran
We are now revising our order inflow guidance to 20%+ for the full year. And for revenue, we believe that we should be looking to achieving growth in high-teens.
Q3-FY24 · Ramakrishnan Parameswaran
The slip-up in margin, if any, in this portfolio, is more than made up by volume growth and improved working capital intensity, resulting in superior return on investment.
Q3-FY24 · Ramakrishnan Parameswaran
We are mindful of the fact that when we are working for projects outside India, we establish or we ensure that our relationship with the client, the financing for the project, and the terms of payment and all other conditions are in line with our own risk framework process.
Q3-FY25 · Parameswaran Ramakrishnan
We believe that we would be surpassing the 10% guidance on order inflows for FY25.
Q3-FY25 · Subramanian Sarma
The difference in the international and domestic is that the payments are much more prompt and working capital is generally better compared to domestic.
Q3-FY25 · Parameswaran Ramakrishnan
We do expect some of these investments to start contributing to group returns in the next Lakshya plan of the company, which will start from FY27 and end at FY31.
Q3-FY26 · Ramakrishnan Parameswaran
We will be exceeding the 10% order inflow guidance for FY 2026.
Q3-FY26 · Subramanian Sarma
I expect hydrocarbon business to come back on full strength, maybe 2 or 3 quarters from now.
Q3-FY26 · Ramakrishnan Parameswaran
The private sector share has risen meaningfully from 21% in March 2025 to 36% in December 2025.
Q4-FY24 · P. Ramakrishnan
We are happy to report, for the first time ever, our group order inflows for the year has crossed INR 3 trillion on the back of CapEx tailwinds in the primary geographies that we operate for the projects and manufacturing portfolio, that is India and GCC.
Q4-FY24 · R. Shankar Raman
The improvement in projects and manufacturing would depend on the type of orders that we get. For example, if we are able to get large orders in the precision engineering and systems area, typically these are very high entry barriers, high on technology, low on competition, and margins would be pretty good.
Q4-FY24 · P. Ramakrishnan
We have realized the hard way, Renu, that it's difficult to predict the customer's response in terms of these claims settlement. They go through extensive discussions. It also has something to do with the budgets that they have had for getting the projects approved.
Q4-FY25 · P. Ramakrishnan
We still maintain what we gave at 10% order inflow. That guidance is still being maintained.
Q4-FY25 · P. Ramakrishnan
The overall P&L margin last year was 7.4%. So we have managed to bring a 20 basis points improvement.
Q4-FY25 · P. Ramakrishnan
Discussions have started. That itself is a positive development.
Q4-FY26 · Ramakrishnan Parameswaran
The Middle East remains a strategically significant market for Larsen & Toubro, and as of 31st March 2026, we have an order book of almost INR 3 trillion coming from the region.
Q4-FY26 · Subramanian Sarma
The biggest risk is the supply chain, but I know it is continuously getting better.
Q4-FY26 · Subramanian Sarma
We are not going ahead and incurring the cost unless the customer is ready to reimburse. Otherwise, we are kind of slowing down and we'll move the material when the cost comes down.