For 2017-18, L&T reported an order inflow of Rs 1.52 trillion, 7 per cent year-on-year growth, beating its revised guidance of flat to 5 per cent growth announced in November last year. In Q4, L&T received orders worth Rs 496 billion, which were also at the top end of expectations of Rs 450-Rs 500 billion.
In 2017-18, the company said, it undertook staff rationalisation of 3,000 employees for its core projects and engineering business, while there was staff augmentation of 9,000 employees on the services side, leading to net employee addition of 6,000. On its recently concluded Infrastructure Investment Trust (InvIT), which saw investments from Canada Pension Plan Investment Board, Allianz Capital Partners and other financial institutions, L&T said, for now there were no plans to add more assets to the InvIT.
The standalone business includes heavy engineering, power, hydrocarbon, electrical & automation (L&T announced its sale for Rs 140 billion in Q1FY19 to Schneider) and infrastructure, while consolidated numbers include the standalone as well as financial services, information technology and developmental projects (road, metro, etc). The standalone numbers were a mixed bag with topline at Rs 269.42 billion, higher than the Bloomberg estimate of Rs 259.87 billion, while net profit at Rs 23.06 billion fell short of Rs 25.53 billion.
The infrastructure, which accounted for 8 of the top 10 new orders by value in the Q4, clocked 15 per cent year-on-year increase in revenue and 12 per cent in operating profit. Its share of order inflow jumped from 52 per cent in the first nine months of FY18 to 57 per cent for the full fiscal year.