Engineering and construction giant Larsen & Toubro on Tuesday reported a consolidated net profit of Rs 2,493 crore for the April-June quarter of fiscal 2023-24, a 46.5% year-on-year jump. L&T’s revenue from operations saw a sharp 33.6% increase to Rs 47,882 crore compared to the same period last year. This robust growth in revenue was mainly driven by successfully completing the order book of its projects and manufacturing portfolio, according to a report in The Economic Times.

The company’s order inflow grew 57% year-on-year to Rs 65,520 crore for the quarter. International orders constituted 42% of the total order inflows. As of 30 June, the company’s consolidated order book stands at Rs 4.13 lakh crore, with international orders accounting for 29% of it. The operating margin for the quarter came in at 10.2%, compared to 11.04% in the year-ago period, and 11.68% in the March quarter. Looking ahead, the company said it will focus on cash generation and capital allocation and continue on its path of profitable and return-driven growth.

The engineering major also announced a Rs 10,000 crore buyback programme via the tender offer route, its first since the company’s listing. The buyback will involve 3.33 crore shares or 2.4% of the fully paid-up equity share capital and will be done at a maximum price of Rs 3,000 per share. The board will determine the exact price for the buyback soon.

JLR drives profits for Tata Motors: Bolstered by sales of its passenger vehicles, especially at Jaguar Land Rover, auto major Tata Motors reported a consolidated net profit of Rs 3,202 crore for the quarter ended 30 June 2023. The company had reported a net loss of Rs 5,006 crore in the year-ago period.

It also saw a 42% year-on-year jump in revenue to Rs 1.02 lakh crore while EBITDA surged 177% from the previous year to Rs 14,700 crore. The major contributor to Tata’s numbers were revenues from sales of JLR cars, which rose 57% year-on-year, to £6.9 billion.

Its order book was strong at 1.85 lakh units, of which 76% were Range Rover variants and the Defender. Sales volumes of commercial vehicles were lower by 15% from the previous year due to a transition to BS-6 Phase 2, the company said. Meanwhile, its passenger vehicle segment recorded an 11.1% revenue growth.

Presenting its outlook, Tata Motors said it expects “a moderate inflationary environment to continue” in the near term.

Domestic sales boost Bajaj Auto: Bajaj Auto also announced its results on Tuesday, reporting a 41% year-on-year rise in net profit for the quarter ended 30 June 2023 on the back of strong growth in domestic sales volumes for its two-wheelers and commercial vehicles.

Its profit after tax stood at Rs 1,644.14 crore while revenue from operations for the quarter swelled to a record Rs 10,310 crore, a near 29% rise from the previous year. Sequentially, revenue grew 16% from the quarter ended 31 March 2023.

The company also saw its highest quarterly EBITDA of Rs 1,954 crore, a 51% year-on-year growth, while margin stood at 19%, up 280 basis points from the previous year.

Babaj Auto said that its domestic sales volumes (of two-wheelers and CVs combined) for the first quarter of 2023-24 grew 82% year-on-year and 25% from the previous quarter. Its order book for the quarter, including exports, stood strong at over 10.2 lakh vehicles—8.9 lakh two-wheelers and 1.3 lakh commercial vehicles, according to its stock exchange filing.

Asian Paints’ net profit jumps 52%: Supported by easing inflation in raw material prices, Asian Paints reported a robust 52% year-on-year growth and a 24% sequential rise in consolidated net profit for the June quarter at Rs 1,574.84 crore.

The company clocked a revenue of Rs 9,182.31 crore in the quarter, marginally higher (6.68%) than the previous year and the quarter ended March (4.49%). Operating profit increased 36.3% year-on-year to Rs 2,121.3 crore. The operating margin came in at 23.2% from 18.1% a year ago.

Sales in the international business declined by 1.4% due to economic uncertainty, forex crisis and liquidity issues in key markets, the company said. However, it increased by about 4% in constant currency terms.

On the bright side, the paint manufacturer saw double-digit volume and value growth in India's decorative business while its industrial business also recorded double-digit revenue growth.