L&T is expanding into the
semiconductor industry, with its board of directors approving the formation of a wholly owned subsidiary to engage in the business of fabless semiconductor
chip design and product ownership. The corporation would invest up to Rs 830 crore in the establishment of this subsidiary.
"Incorporation of a wholly owned subsidiary to engage in the business of fabless semiconductor chip design and product ownership with an investment of upto Rs. 830 crore (Rupees Eight Hundred and Thirty Crore only)."
Larsen & Toubro (L&T) reported robust second quarter in the fiscal year 2023-24, marked by a substantial 45% surge in net profit. This financial performance was driven by robust order growth in the infrastructure segment, as per economic times
L&T declared a net profit of Rs 3,223 crore in the second quarter, a considerable increase from the Rs 2,229 crore reported in the same time last fiscal year. The company's revenue from operations increased by 19% to Rs 51,024 crore for the quarter. This was attributable to improved order book execution and considerable improvement in both projects and the
manufacturing portfolio. The revenue in the previous fiscal year's corresponding quarter was Rs 42,763 crore.
The
enormous order influx is what distinguishes this quarter. During the fiscal quarter ending September 30, 2023, L&T received orders of Rs 89,153 crore at the group level. This represents a 72% increase over the same period last year and the highest-ever order inflow in the company's history.
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