L&T Net Profit Jumps 46% To Rs 2493 Crore, Board Approves Buyback, 300% Special Dividend

Larsen & Toubro Group's Infrastructure company, Larsen & Toubro Ltd. (L&T) has declared the results for the quarter ended June 2023. The company reported a 46% jump in Net profit on-year to Rs 2,493 crore. The consolidated revenue jumped 34% YoY to Rs 47,882 crore.

The board has set August 2 as the record date for a special dividend that would be paid out at a rate of Rs. 6 per equity share of face value of Rs 2 each, for the financial year 2022-23.

The board has also approved a share buyback through a tender offer for Rs 10,000 crore at Rs 3,000/share.

Buyback

According to the regulatory filing by the Board of Directors of L&T Ltd., "Buyback of 3,33,33,333 of its fully paid-up equity shares of face value of Rs. 2/-(Rupees Two only) each ("Equity Shares"), from the members of the Company at a Maximum price of up to Rs. 3,000 per Equity Share ("Buyback Offer Price"), subject to any increase to the Buyback Offer Price as may be approved by the Board or the Committee thereof, payable in cash for an aggregate consideration of up to Rs. 10,000 crore (Rupees Ten Thousand Crore only) ("Buyback Size") ( excluding tax on buyback), through the tender offer route through stock exchange mechanism."

Furthermore, "The specific price at which the Buyback will be made may be determined by the Board/Committee, at an appropriate time."

Special Dividend

"Special Dividend of Rs. 6/-(Rupees Six only) per equity share i.e. 300% on face value of Rs. 2/-each, for the Financial Year 2023-24. As informed earlier, the record date for the purpose of payment of dividend is Wednesday, August 2, 2023. This will be paid on or before August 14, 2023," the board said in an exchange filing.

Stock Movement

The shares of L&T closed at Rs 2561.95 apiece, down 1.67% from its previous close. The stock hit an intraday high at Rs 2617.80 and an intraday low of Rs 2553.60 apiece on BSE. It hit 52-week high at Rs 2634.05 apiece and the 52-week low of Rs 1742 apiece, respectively.

The stock jumped 3.52% in 1 week, while in 1 month it jumped 7.28%. It gained 43.78% in 1 year, 58.93% in 2 years, 183.23% in 3 years, and 94.08% in 5 years, respectively.

L&% is a leading large cap infrastructure company and a market leader in the sector. It is a part of L&T Grou. The company has a market cap of Rs 3,60,100.71 Crore.