Tag Infrastructure

Rail Vikas Nigam Ltd
Rail Vikas Nigam Ltd Q3 Results: Profit Down 13%, Revenue Slips 3%

Business and Industry Overview: 

Rail Vikas Nigam Limited (RVNL), a Central Public Sector Enterprise has been given the status of a Navratna PSU in India. It was established in 2003 under the Ministry of Railways. The organization aims to execute project development, financing, and implementation for all types of railway infrastructure. The primary focus of RVNL is to implement transportation infrastructure projects related to Indian Railways while mobilizing extra-budgetary resources through Special Purpose Vehicles (SPVs). Over its two decades of operation, RVNL has completed more than 150 railway projects. It has also expanded its focus to a broader range of infrastructure projects, both domestically and internationally. RVNL arranges financial resources, undertakes project execution, creates project-specific SPVs, and commercializes projects. After RVNL completes a railway project, the respective Zonal Railway operates and maintains it under specific financial arrangements. In the fiscal year 2021-22, RVNL successfully completed 18 projects, with a total of 102 projects completed since its inception up to March 2021. Currently, there are 72 projects at various stages of implementation by RVNL. The company is publicly traded on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). 

As of March 31, 2023, the Indian railway network covers a route length of 68,584 kilometers (42,616 miles). The track sections are rated for speeds ranging from 80 to 200 kilometers per hour (50 to 124 miles per hour), with the maximum speed achieved by passenger trains being 160 kilometers per hour (99 miles per hour). Indian Railways, one of the largest railway networks managed under a single entity, transported approximately 19.8 million passengers and 2.4 million tonnes of freight each day in 2009, making it one of the world’s largest employers. The railways play a crucial role in transporting passengers and cargo across India’s vast territory, and RVNL is the only authority responsible for building and maintaining railway infrastructure. 

Latest Stock News: 

 On February 14, 2025, Rail Vikas Nigam’s stock price decreased by 2.19%, closing at ₹378.95 per share. The stock is currently trading at ₹370.65 per share. During the day, the stock reached a high of ₹387.40 and a low of ₹365.90. The company has a market capitalization of ₹78,992.43 crore, with a 52-week high of ₹647 and a low of ₹213. The BSE recorded a trading volume of 609,577 shares. 

RVNL on Friday (February 14) reported a 13.1% year-on-year (YoY) dip in net profit at ₹311.6 crore for the third quarter that ended December 31, 2024. In the same period in FY24, the company saw a net profit of ₹358.6 crore. 

At the operating level, EBITDA (earnings before interest, tax, depreciation, and amortisation) was down 3.9% YoY to ₹239.4 crore in Q3FY25 over ₹249 crore. The EBITDA margin was largely flat at 5.2% compared to 5.3% in the corresponding period in the previous fiscal. 

Segmental Information: 

New Lines/Doubling: The company has completed 1,343 km of project length, which includes 119 km of New Line, 925 km of Doubling, and 299 km of Railway Electrification, all of which have been handed over to the Zonal Railway. Additionally, it completed 863 km of the Metropolitan Transport Project. 

Railway Electrification: The company commissioned 299 route km (681 track km) of pure Railway Electrification works. 

Metro: RVNL commissioned the Joka-Taratala (13 km) section of Kolkata Metro and the New Garia-Hemanta Mukherjee (11 km) section of the New Garia-Biman Bandar Section. 

Subsidiary Information: 

High Speed Rail Corporation of India Limited: The High Speed Rail Corporation of India Limited (HSRC) is an SPV incorporated in 2012 as a subsidiary of RVNL to implement high-speed rail projects in India. 

Kinet Railway Solutions Ltd: RVNL has established a private company, Kinet Railway Solutions Ltd, which will act as the SPV signing the manufacturing-cum-maintenance agreement with the Ministry of Railways. 

Kyrgyzindustry-RVNL: RVNL also formed a 50:50 joint venture with the Kyrgyz company Kyrgyz Industry. This joint venture will develop rail, road, and other infrastructure in Kyrgyzstan.  

Q3 Highlights: 

  • Revenue went down to ₹4591 in Q3 FY25 from ₹4676 in the last quarter Q3 FY24.  
  • EBITDA was down 3.9% YoY to ₹239.4 crore in Q3FY25 over ₹249 crore.  
  • Shares of Rail Vikas Nigam Ltd ended at ₹360, down by ₹18.95, or 5%, on the BSE. 

Financial Summary: 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 4,676.00 4,591.00 20,282 21,733 
Expenses 4,676 4,328 20,282 21,733 
EBITDA 246 263 1,244.00 1,346.00 
OPM 5% 6% 6% 6% 
Other Income 326 284 1,004 1,183 
Net Profit 326.00 295.00 1,268 1,463 
NPM 6.97 6.43 6.25 6.73 
EPS 1.56 1.41 6.08 7.02 
Engineers India Limited
Engineers India Limited (EIL) Q3 Results: 71.63% Profit Surge, 3% Share Price Dip & Future Outlook

Business and Industry Overview: 

Engineers India Limited (EIL) is an Indian public sector technology, engineering consultancy, and technology licensing company. It was established on March 15, 1965, as a private limited company under the name Engineers India Private Limited under a memorandum of agreement dated June 27, 1964, between the Government of India and Bechtel International Corporation. In May 1967, EIL became a wholly-owned Government of India (GoI) enterprise. It provides indigenous technology solutions across hydrocarbon projects. Over the years, it had additional diversification into synergic sectors like non-ferrous metallurgy, infrastructure, water and wastewater management, and fertilizers. EIL is headquartered at Bhikaji Cama Place, New Delhi. EIL also has an R&D complex at Gurgaon, a branch office in Mumbai, regional offices at Kolkata, Chennai, and Vadodara, inspection offices at all major equipment manufacturing locations in India, and overseas offices in London (England), Milan (Italy), Shanghai (China), Abu Dhabi (UAE). 

Latest Stock News:

With the announcement of Q3 Results, the net profit of Engineers India rose 71.63% to Rs 108.73 crore in the quarter ended December 2024 as against Rs 63.35 crore during the previous quarter ended December 2023. The sales of the company have declined by 11.88% to Rs 764.59 crore in the quarter ended December 2024 as against Rs 867.64 crore during the previous quarter ended December 2023.  

On 3 February the company announced that it had successfully bagged a project worth 1200 Cr as the project management consultant for the development of an academic institute of national importance.  

Segmental information:
The major business areas wherein EIL provides its engineering consultancy services are: Petroleum Refining, Petrochemicals, Chemicals & Fertilizers, Crude, Petroleum products & Gas Pipelines, Onshore & Offshore Oil & Gas, Terminals & Storage Underground crude oil storages, Mining & Metallurgy, Infrastructure & Urban Development, Biorefinery, Gas Processing Station, Nuclear Power, & Revamp of existing plants in above category. EIL has also ventured into various unconventional energy resource projects like solar, 2G ethanol, bio-fuel, etc. EIL provides a wide range of engineering consultancy and EPC services to its clients which include:  

  • Process Design 
  • Engineering 
  • Supply Chain Management 
  • Project Management 
  • Construction Management 
  • Specialized services like Heat & Mass Transfer, Plant Operation & Safety Management, Specialist Materials & Maintenance services, Environment Engineering 

Subsidiary Information:

EIL has a wholly-owned subsidiary Certification Engineers International Limited (CEIL) & also has set up a joint venture company namely Ramagundam Fertilizers and Chemicals Limited (RFCL) to enhance its presence in the fertilizers sector. 

Certification Engineers International Ltd.: Certification Engineers International Ltd. (CEIL) is a wholly owned subsidiary of EIL providing services related to Certification, Re-certification, safety audit, and HSE management systems for offshore and onshore oil & gas facilities. It also undertakes Third Party Inspection of equipment and installations in the Hydrocarbon and other quality-sensitive sectors of the Industry. Over the years, CEIL has emerged as one of the leading certification and verification Agencies for offshore process platforms, well platforms, submarine pipelines, and single buoy mooring systems. The Company promotes safety, quality, and reliability throughout the design and operating life of all types of equipment, structures, pressure vessels, pipelines & rotating machinery. The worldwide services cover all types of capital goods and equipment, during manufacture and erection stages for oil, gas & general engineering sectors. 

Ramagundam Fertilizers and Chemicals Limited (RFCL):  

For setting up a gas-based urea plant of capacity 3850 TPD, EIL, National Fertilizers Limited (NFL), and Fertilizer Corporation of India (FCIL), have incorporated RFCL as a Joint Venture Company at Ramagundam in the Karimnagar district of Telangana. NFL & EIL will each have 26% equity in the JV Company. EIL has been retained as a Project Management Consultant for project execution in EPCM mode. The Project completion schedule to commission the plant is 36 months. NFL is a reputed player in the fertilizer sector and their expertise would be utilized for operating the plant as well as for marketing the products. The plant is being built on the existing land of FCIL. 

Q3 Highlights:

  • Engineers India’s consolidated net profit rose 71.63% in the December 2024 quarter 
  • Net Sales at Rs 750.16 crore in December 2024 down 12.4% from Rs. 856.33 crore in December 2023. 
  • Quarterly Net Profit at Rs. 88.10 crore in December 2024 up 75.42% from Rs. 50.22 crore in December 2023. 
  • EBITDA stands at Rs. 128.21 crore in December 2024 up 66.36% from Rs. 77.07 crore in December 2023. 

Financial Summary:

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 868.00 765.00 3,330 3,281 
Expenses 818 667 3,020 2,982 
EBITDA 77.07 128.21 475.00 518.00 
OPM 6% 13% 9% 9% 
Other Income 30 38 164 219 
Net Profit 63.00 109.00 346 445 
NPM 7.26 14.25 10.39 13.56 
EPS 1.13 1.93 6.16 7.92 
Siemens Ltd stock news
Siemens Ltd: Order Backlog, Growth Trends & Future Potential

Siemens Ltd: Overview 

Siemens Ltd., a subsidiary of Siemens AG, is a leading technology powerhouse operating across multiple sectors in India, including electrification, automation, and digitalization. The company operates through well-diversified business segments, including Smart Infrastructure, Digital Industries, Mobility, Energy, and Healthcare, catering to a wide range of industries such as power utilities, transportation, manufacturing, and building automation. Siemens has a significant presence across India, with multiple manufacturing facilities, R&D centers, and a vast service network, ensuring seamless execution of large-scale infrastructure and technology projects. The Make in India and Atmanirbhar Bharat initiatives have significantly boosted local manufacturing, leading to an increased demand for automation, smart grids, and energy-efficient solutions areas where Siemens Ltd. plays a critical role. The ongoing urbanization, expansion of metro rail projects, and the push for smart cities are expected to drive substantial demand for Siemens’ mobility and smart infrastructure solutions. The power sector is undergoing a major shift towards renewable energy, energy storage, and grid modernization, opening up new opportunities for Siemens’ digital grid and energy-efficient solutions. Additionally, the industrial automation market in India is expected to grow at a CAGR of over 12%, propelled by advancements in IoT, AI-driven automation, and robotics. Siemens Ltd., being a global leader in these areas, is well-positioned to capitalize on the growing demand for intelligent automation and sustainable energy solutions in industries such as manufacturing, automotive, healthcare, and transportation.  

Latest Stock News 

Private sector capital expenditure is primarily focused on emerging technologies such as semiconductors, batteries, solar photovoltaic systems, and electric vehicles, driving significant investment in these areas. The demand for energy transmission and energy efficiency solutions has also seen an uptick, contributing to a robust order backlog of ₹482.6 billion. The company has maintained strong growth momentum in its base business, securing multiple large orders in the Smart Infrastructure (SE) and Mobility (MO) segments, while advanced ordering normalization was observed in Digital Industries (DI) and Low-Voltage Motors (LVM). For FY24, revenue growth was reported at 15.0% in the product business and 13.2% in the project business, supported by double-digit orders and revenue expansion, particularly in electrification and building products. Profitability improved due to a better product mix, favourable price realization, and higher revenue generation. Notable orders in FY24 included Bangalore Metro Electrification and the propulsion system for 6,000 HP locomotives, reflecting Siemens’ growing presence in infrastructure and transportation. Order growth was particularly strong in grid technologies, oil & gas, and turbine segments, further bolstering the company’s long-term outlook. Q4 FY24 EBITDA increased by 3%, although it was impacted by certain one-time factors. Additionally, the Siemens Energy demerger remains on track, positioning the company for a more streamlined focus on its core operations and strategic growth areas. 

Stock Potential 

Siemens Ltd. is uniquely positioned to benefit from India’s ambitious industrial and infrastructure development plans. The company has significant growth potential in sectors like renewable energy, smart grid solutions, industrial automation, and digital twin technology. With increasing government spending on railways, metros, and smart city projects, Siemens’ mobility and electrification solutions are expected to see strong growth in the coming years. Its ability to offer end-to-end industrial automation and smart infrastructure solutions makes it a preferred partner for large-scale infrastructure and manufacturing projects. Siemens also has a strong backlog of orders and a healthy balance sheet, which provides financial stability and the ability to invest in next-generation technologies. With expanding R&D capabilities, partnerships with Indian industries, and an increasing share of service-based revenues, Siemens Ltd. is poised for long-term sustainable growth. 

Analyst Insights 

We are bullish on Siemens Ltd., considering its strong market position, diversified portfolio, and long-term growth prospects in India. The company has consistently demonstrated revenue growth, aided by strong order inflows from key sectors like power distribution, railways, and industrial automation. Analysts expect Siemens’ revenue growth to remain in double digits, driven by increasing demand for energy-efficient solutions, digital automation, and infrastructure expansion. Margins are expected to improve as the company scales up its digital services and automation-driven businesses, which carry higher profitability. While short-term headwinds such as global supply chain disruptions, semiconductor shortages, and cost inflation may impact near-term earnings, the long-term outlook remains robust. Siemens’ focus on high-growth areas like smart mobility, EV infrastructure, and digital grids further strengthens its competitive advantage. Analysts recommend long-term investment in Siemens Ltd, considering its strong order book, expanding market opportunities, and innovation-driven approach that ensures steady and sustainable growth. The company’s ability to leverage global expertise while tailoring solutions for the Indian market gives it a strategic edge, making it a preferred choice for infrastructure and automation investors. 

Adani Enterprises Ltd Q3 FY25 Results
Adani Enterprises Ltd Q3 FY25 Results: Revenue Decline of 8.8%, Profit Growth to ₹229 Crore

Adani Enterprises Ltd: Overview 

Incorporated in 1993, Adani Enterprise Ltd. (AEL) is the flagship Company of the Adani Group and acts as the Group’s incubator for new businesses across diverse sectors. It plays a key role in infrastructure development, including energy, logistics, mining, and emerging industries such as green hydrogen and airports. AEL continues to expand its footprint through strategic investments, leveraging India’s economic growth, energy transition, and infrastructure modernization. The company operates in industries aligned with national priorities such as energy security, sustainability, and digital transformation. The Indian government’s focus on renewable energy, infrastructure development, and logistics efficiency presents significant opportunities for AEL. AEL imports coal through its established coal sourcing arrangements with coal suppliers in Indonesia, Australia, and South Africa and sells to a diversified domestic clientele. Despite regulatory challenges and global economic uncertainties, the company remains positioned for strong long-term growth due to its diversified operations and strategic business model. 

Latest Stock News 

Navi Mumbai Airport has successfully conducted its first commercial flight validation test, marking a significant milestone towards becoming fully operational. Additionally, during the quarter, 14 new routes, four new airlines, and nine new flights were introduced, enhancing connectivity. In the data center segment, Phase I of the Hyderabad Data Center, with a capacity of 9.6 MW, is now fully operational. Meanwhile, Noida Data Center, as well as Pune 1 & 2 (Phase I), have surpassed 50% completion, with construction nearing 99% for the 50MW core & shell and 10MW MEP. In the renewable energy sector, ANIL’s wind business has made progress with the listing of the 3.3 MW WTG model in the RLMM, bringing the total listed models to four. In solar manufacturing, module sales have reached approximately 3.3 GW over nine months, driven by a 20% growth in exports and a remarkable 176% increase in domestic sales. On the financial front, ACLLP launched an Offer-For-Sale (OFS) for approximately 19.51 crore shares at a floor price of ₹275 per share, including a base issue of 17.55 crore shares and a green shoe option of 1.96 crore shares. The company successfully sold 17.56 crore shares at an average price of ₹276.50 per share, generating net proceeds of ₹4,808 crore. As a result of this transaction, ACLLP/AEL’s stake in its joint venture Adani Wilmar Ltd. (AWL) has reduced from 43.94% to 30.42%. Consequently, Adani Enterprises Ltd.’s (AEL) consolidated PAT will reflect an impact of approximately USD 36 million (₹300 crore) from this exit. 

Business Segments

  • Integrate Resource Management: The mining business unit of the Adani group was established in 2007 AEL has a leading position in India in the Integrated Resources Management business wherein AEL imports coal through its established coal sourcing arrangements with coal suppliers in Indonesia, Australia, and South Africa and sells to a diversified domestic clientele. 
  • Mining: Operations are focused on mining business i.e. Developer & Operator (MDO – Coal & Iron Ore) and Commercial Mining (Coal) it operates several mines across India and is also developing and operating mines in Indonesia and Australia. 
  • Solar PV Manufacturing: Adani Solar is the largest integrated solar manufacturer in India. It has a manufacturing facility of 1.5 GW capacity along with Research and Development (R&D) facilities within an Electronic Manufacturing Cluster (EMC) facility located in Mundra Special Economic Zone (SEZ). Adani Solar’s manufacturing facility with multi-level infrastructure will be optimized for scaling up to 3.5 GW of modules and cells under a single roof 
  • Road Development: AEL has also operational projects under the road segment, water segment, and data centers. Road projects are being undertaken by Adani Road Transport Ltd. Under the road segment, AEL currently has 14 ongoing projects and with 5 under the Build-Operate-Transfer model, 8 under Hybrid Annuity Model, and a project under the toll-operate-transfer model. Out of the above, 1 is operational, 1 is near completion and the rest are at various stages of completion. 
  • Data Centers: AEL is having two water projects being undertaken by Adani Water Ltd. AEL is developing data centers under Adani Connex which is a Joint Venture between AEL and Edge Connex. In the initial phase, Adani Connex will develop data centers in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad.  
  • Airports: The Adani Group forayed into the airports sector in 2019, Adani Airports won the mandate to modernize and operate six airports – Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram – through the Airports Authority of India’s globally competitive tendering process. Adani Airports will operate, manage and develop all six airports for 50 years. 

Subsidiary Information

Adani Green Energy Ltd. 

Adani Green Energy Ltd. (AGEL) is one of the largest renewable energy companies in India, dedicated to accelerating the transition towards sustainable and clean energy solutions. The company focuses on solar and wind power generation, with a growing portfolio of operational and under-construction projects. AGEL has aggressively expanded its renewable capacity through strategic acquisitions, public-private partnerships, and Greenfield developments. 

Adani Airports Holdings Ltd. 

Adani Airports Holdings Ltd. (AAHL) is the aviation arm of the Adani Group, managing and operating several major airports across India. The company oversees key airports, including Mumbai, Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Guwahati, and Mangaluru, handling millions of passengers annually. AAHL has undertaken large-scale infrastructure modernization projects to enhance passenger experience, increase operational efficiency, and integrate cutting-edge technology in airport management. 

Adani Road Transport Ltd. 

Adani Road Transport Ltd. (ARTL) is committed to developing India’s road and highway infrastructure, playing a crucial role in improving connectivity and facilitating economic growth. The company specializes in constructing, operating, and maintaining expressways, highways, and major road corridors through public-private partnerships (PPP) and government contracts. With a focus on Build Operate Transfer (BOT), Hybrid Annuity Model (HAM), and Toll Operate Transfer (TOT) projects, ARTL is engaged in several high-value infrastructure initiatives across India. 

AdaniConneX Pvt Ltd. 

AdaniConneX Pvt Ltd. is a joint venture between Adani Enterprises Ltd. and EdgeConneX, focusing on the development of hyper-scale data centers across India. With the rapid digitalization of industries and the increasing adoption of cloud computing, AdaniConneX is building energy-efficient, secure, and scalable data centers to cater to the growing demand for digital infrastructure. The company plans to establish a 1 GW (gigawatts) data center capacity in India, supporting businesses in sectors like IT, BFSI, e-commerce, and artificial intelligence. 

Adani Wilmar Ltd. 

Adani Wilmar Ltd. (AWL) is one of India’s leading fast-moving consumer goods (FMCG) companies, primarily engaged in the production and distribution of edible oils, food products, and essential consumer goods. The company markets its products under the well-known “Fortune” brand, which has become a household name in India. AWL’s product portfolio includes edible oils, pulses, rice, wheat flour, sugar, ready-to-eat foods, and personal care products. With an extensive supply chain and distribution network, AWL has established itself as a dominant player in India’s food industry.  

Q3 FY25 Earnings 

  • Revenue of ₹22848 crore in Q3 FY25 down by 8.8% YoY from ₹25050 crore in Q3 FY24.  
  • EBITDA of ₹3070 crore in this quarter at a margin of 13% compared to 13% in Q3 FY24. 
  • Profit of ₹229 crore in this quarter compared to a ₹1973 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 25050 22848 127540 96421 
Expenses 21824 19778 118722 85044 
EBITDA 3226 3070 8818 11377 
OPM 13% 13% 7% 12% 
Other Income 491 648 834 1146 
Net Profit 1973 229 2422 3335 
NPM 7.9% 0.1% 0.2% 3.5% 
EPS 16.6 0.5 21.6 28.4 
L&T Q3 FY25 Results
L&T Q3 FY25 Results: Net Profit Rises 14%, Misses Street Estimates and Strong Order Book

Larsen & Toubro Ltd: Overview 

Larsen & Toubro Ltd. (L&T) is one of India’s largest engineering, procurement, and construction (EPC) companies, with a diversified portfolio spanning infrastructure, hydrocarbon, power, defense, and technology services. The company has a strong presence in domestic and international markets, particularly in the Middle East, Africa, and South Asia. The Indian government’s focus on infrastructure development, including roads, railways, smart cities, and renewable energy, provides significant growth opportunities for L&T. The company is also benefiting from rising investments in energy transition, water management, and digital transformation. However, challenges such as global supply chain disruptions, rising commodity prices, and geopolitical uncertainties may impact operational efficiencies and profitability. L&T operates in power transmission, distribution, and heavy engineering solutions, catering to sectors such as nuclear energy, aerospace, and defense. With India investing ₹111 lakh crore under the National Infrastructure Pipeline, construction and engineering firms like L&T are set to see strong demand. The company manufactures critical components for nuclear reactors, thermal power plants, and space missions, positioning itself as a key player in India’s self-reliance initiatives in defense and energy security. The company benefits from India’s rapid urbanization, industrial growth, and government initiatives focused on infrastructure development, digital transformation, and sustainability. 

Latest Stock News 

Larsen & Toubro Ltd. achieved its highest-ever order inflow in a quarter, driven by large orders across Infrastructure, Energy, and Hi-Tech Manufacturing segments. International orders contributed 42% of the December 2024 order book, while the company maintains a robust order prospects pipeline of ₹5.5 trillion in the near term, with domestic opportunities constituting 59%. Revenue growth was fueled by strong execution momentum in Infrastructure (15% YoY), Hydrocarbon (54% YoY), and Precision Engineering & Systems (34% YoY). The increase in MCO expenses reflects higher activity levels and revenue mix, particularly from P&M revenue. Staff costs rose due to resource expansion and salary hikes, while SG&A variations were linked to the execution ramp-up. EBITDA margins reflected the revenue mix and lower operating leverage in the IT&TS segment. Finance costs declined due to lower borrowing levels and rates, while depreciation increased due to higher P&M-related capex and new premises capitalization in LTIMindtree. Other income was influenced by investment levels and yields earned. The reported PAT growth was a result of increased business activity and improved treasury operations. In the Infrastructure segment, international order momentum remained strong, with a near-term prospect pipeline of ₹4.0 trillion. Execution remained robust, backed by a large order book and stable margins. The Manufacturing segment saw strong execution in Precision Engineering & Systems (PES), while revenue in Heavy Engineering was subdued due to jobs in the early stages. However, execution cost savings in Heavy Engineering aided margin improvement. In IT services, LTIMindtree’s revenue growth was led by the Technology, Media & Communications, and BFSI segments. LTTS saw growth in its Tech and Sustainability verticals. However, segment margins declined due to salary hikes and forex losses in both LTIMindtree and LTTS. 

Business Segments

  • Infrastructure: It comprises engineering and construction of buildings and factories, transportation infra, heavy civil infra, power transmission & distribution, water & effluent treatment, smart world & comm. projects and metallurgical & material handling systems. This is the core business of the company. Major projects include high-speed rail corridors, metro projects in key Indian cities, and international projects in the UAE and Saudi Arabia. 
  • Coal Supply and Distribution: It comprises complete EPC solutions for the global oil & gas industry from design through detailed engineering, fabrication, procurement, project management, construction, installation, and commissioning. The segment has secured significant contracts in the Middle East and Africa, reinforcing its international presence. 
  • Financial Services: This business primarily comprises rural finance, housing finance, wholesale finance, mutual fund, and wealth management. The business is controlled by the company’s subsidiary L&T Finance Holdings Ltd. With India’s economic growth boosting credit demand, L&T Finance is well-positioned for steady growth despite regulatory challenges and interest rate fluctuations. 
  • Defence Engineering: This segment comprises design, development, serial production, and life-support of equipment, systems, and platforms for defense and aerospace sectors; and the design, construction, and repair/ refit of defense vessels. The company has been active in the defense and strategic sector since the mid-80s. 

Subsidiary Information

  • L&T Infotech (LTI): LTI is a global technology consulting and IT services provider, specializing in cloud computing, data analytics, and automation. It has a strong client base across banking, financial services, manufacturing, and healthcare, contributing significantly to L&T’s digital transformation initiatives. 
  • L&T Construction: This subsidiary is a key player in India’s infrastructure sector, executing large-scale projects in transportation, water management, and smart cities. It is engaged in metro rail construction, high-speed rail, and expressways, enhancing urban mobility and connectivity. 
  • L&T Hydrocarbon Engineering (LTHE): LTHE focuses on the hydrocarbon sector, offering engineering and construction services for refineries, petrochemicals, and oil & gas projects. It has a strong presence in the Middle East and has secured contracts for offshore platforms and onshore processing units. 
  • L&T Finance Holdings: This subsidiary provides retail and corporate financing solutions, including home loans, vehicle finance, and infrastructure funding. It is streamlining its operations to focus on high-growth areas such as renewable energy financing and micro-lending. 
  • L&T Heavy Engineering: L&T Heavy Engineering manufactures specialized equipment for nuclear power, defense, aerospace, and industrial applications. It is a key supplier to India’s space and defense programs, providing critical components for missile systems, submarines, and space exploration missions. 

Q3 FY25 Earnings 

  • Revenue of ₹64668 crore in Q3 FY25 up by 17.3% YoY from ₹55128 crore in Q3 FY24.  
  • EBITDA of ₹7898 crore in this quarter at a margin of 12% compared to 13% in Q3 FY24. 
  • Profit of ₹3974 crore in this quarter compared to a ₹3593 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 55128 64668 183341 221113 
Expenses 47929 56770 156175 191248 
EBITDA 7199 7898 27166 29865 
OPM 13% 12% 15% 14% 
Other Income 838 968 2891 3847 
Net Profit 3593 3974 12531 15547 
NPM 6.5% 6.1% 6.8% 7.1% 
EPS 21.4 24.4 74.5 95