L&T gains as arm to divest stake in subsidiary

L&T recorded a 45 percent jump in net profit for the second quarter of fiscal year 2023-24 at Rs 3,223 crore

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Larsen & Toubro (L&T) share price gained a percent in the early trade on November 6 after one of the infrastructure major’s arm said it would divest its entire stake in a subsidiary company.

At 9.am hrs Larsen & Toubro was quoting at Rs 2,942.50, up Rs 34.35, or 1.18 percent, on the BSE.

L&T Infrastructure Development Projects Limited (L&T IDPL), a subsidiary of the company, entered into a share purchase agreement on November 3 for the sale of its entire shareholding in Interise Investment Managers Limited (formerly LTIDPL IndvIT Services Limited), a wholly-owned subsidiary of L&T IDPL, L&T said in a press release.

The sale is expected to be completed on or before December 31, 2023, subject to the satisfaction of conditions precedent identified under the agreement. L&T Infrastructure Development Projects will receive Rs 103.86 crore from the sale.

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L&T recorded a 45 percent jump in net profit for the second quarter of fiscal year 2023-24 to Rs 3,223 crore. It reported a 19 percent rise in consolidated revenue at Rs 51,024 crore from Rs 42,763 crore a year back.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) margin, however, declined around 40 basis points to 11 percent in Q2FY24 from 11.4 percent in Q2FY23.

Earlier in this month, the company announced the divestment of its 100 percent stake in L&T Infrastructure Engineering Limited (LTIEL). The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France.

In October, the company’s Hydrocarbon Business (L&T Energy Hydrocarbon LTEH) secured a Letter of Intent for Ultra-Mega Onshore project worth over Rs 15,000 crore from a prestigious client in the Middle East.

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