OREANDA-NEWS. Larsen & Toubro recorded Gross Revenue of 57164 crore for the year ended March 31, 2014, registering a growth of 10% over the previous year. The International revenue during the year at 9129 crore constituted 16% of the total revenue and registered a y-o-y growth of 22%.

For the quarter ended March 31, 2014, gross revenue at 20229 crore, registered a y-o-y growth of 11% with progress on various jobs under execution. The International revenue during the quarter ended March 31, 2014 at 2966 crore constituted 15% of the total revenue and registered a growth of 25% on a y-o-y basis.

The Company successfully secured fresh orders worth 94108 crore during the year ended March 31, 2014, registering a significant y-o-y growth of 15 %, on a large base despite a sluggish economic environment during 2013-14. The International order inflow during the year at 30752 crore grew more than 3 times on a y-o-y basis, constituting 33% of the total order inflow. Major orders during year were procured by the Infrastructure segment.

The order intake during the quarter ended March 31, 2014 was steady at 26737 crore. International order inflow during the quarter at 11389 crore constituted 43% of the total order inflow for the quarter.

Order Book at 162952 crore as at March 31, 2014, grew 13% on a y-o-y basis. International Order Book constituted 21% of the total Order Book.

The Profit after Tax (PAT) for the year stood at 5493 crore vis-а-vis 4384 crore in the previous year registering a growth of 25% on a like-to-like basis. The recurring PAT for the year at 4905 crore also grew 18% on a y-o-y basis. The PAT for the quarter January-March 2014 at 2723 crore recorded an impressive increase of 69%.

The Board of Directors has recommended a dividend of 14.25 per equity share.

The results for the quarter and year ended March 31, 2014, exclude the performance of Hydrocarbon business segment, which has been transferred with effect from April 1, 2013 to L&T Hydrocarbon Engineering Limited, a wholly owned subsidiary of the Company upon sanction of the scheme by the Hon'ble Bombay High Court vide order dated December 20, 2013. Consequently, the performance for the corresponding previous quarter and year ended March 31, 2013 has been suitably restated.

Infrastructure Segment

Infrastructure Segment achieved Customer Revenue of 34516 crore for the year ended March 31, 2014 registering a healthy y-o-y growth of 23%, driven by Buildings and Factories, Power Transmission & Distribution, Transportation Infrastructure and Water & Renewable Energy businesses. International sales constituted 15% of the total customer revenue of the segment during the year.

During the quarter January-March 2014, the Customer Revenue of Infrastructure segment was at 13260 crore recording a y-o-y increase of 17%.

Infrastructure segment recorded consistently upward trend in the order intake throughout the year. The order inflow for the year ended March 31, 2014 stood at 76396 crore registering 37% growth over the previous year. International orders constituted around 33% of the total order inflow of the segment for the year.

During the quarter January-March 2014, the Segment recorded order inflow of 21290 crore registering a robust increase of 64% over the corresponding quarter of the previous year.

The Order Book of the Infrastructure Segment grew 29% on a y-o-y basis and stood healthy at 127068 crore as at March 31, 2014.

The segment recorded improved EBIDTA margin at 12.3% during the year ended March 31, 2014 vis-а-vis 11.3% recorded in the previous year aided by execution efficiencies and better contract management.

Power Segment

Power Segment recorded customer revenue of 5132 crore during the year ended March 31, 2014, registering a reduction of 36% over the previous year due to declining order book and delays in realizing targeted order inflow. During the year 2013-14, the Power sector in India continued to grapple with multiple bottlenecks adversely impacting fresh investments in the sector and progress on projects under execution.

For the quarter January-March 2014, the Customer Revenue was at 1464 crore, recording y-o-y decline of 30%.

Power Segment secured fresh orders of 3277 crore for the year ended March 31, 2014, registering a decline of 59% over the previous year due to continued slow-down in the domestic power sector. Order inflow of the Segment during the quarter ended March 31, 2014 stood at 2120 crore, consequent to bagging of a large international order.

The Order Book of the Segment declined 11% on a y-o-y basis and stood at 15601 crore as at March 31, 2014.

The segment EBIDTA margin stood at 11.0% for the year ended March 31, 2014 vis-а-vis 7.9% recorded in the previous year reflecting stage of completion of projects under execution.

Metallurgical & Material Handling (MMH) Segment

The Customer Revenue of MMH Segment during the year ended March 31, 2014 at 5357 crore registering a y-o-y decrease of 9%, on account of reduced opening order book and slower progress on some of the existing jobs due to pending clearances.

The Customer Revenue for the quarter January-March 2014 stood at 1731 crore, registering y-o-y decline of 6 %.

MMH Segment secured fresh orders of 2574 crore during the year ended March 31, 2014, registering a decline of 50% over the previous year. The order inflow for the quarter January to March 2014 stood at 562 crore. The order inflow of the Segment was lower during 2013-14 on account of several unresolved sectoral issues, adversely impacting expansion plans and new investments in the sector.

The Order Book of the Segment declined by 38% on a y-o-y basis and stood at 9728 crore as at March 31, 2014.

The EBIDTA margin of the segment stood at 17.0% for the year ended March 31, 2014 vis-а-vis 17.9% recorded in the previous year.

Heavy Engineering Segment

Heavy Engineering Segment achieved Customer Revenue of 4291 crore registering an impressive growth of 50% over the previous year with good progress on jobs under execution. International sales constituted 31% of the total customer revenue of the segment for the year ended March 31, 2014.

The Customer Revenue during the quarter January-March 2014 stood at 1348 crore, registering a healthy growth of 47% over the corresponding quarter of the previous year.

Heavy Engineering Segment secured fresh orders valued 3323 crore, during the year ended March 31, 2014, lower by 17% as compared to the previous year on account of deferral of anticipated orders. International orders constituted 32% of the total order inflow of the segment.

During the quarter January-March 2014, the Segment recorded order inflow of 496 crore, lower by 22% over the corresponding quarter of the previous year.

The Order Book of the Segment declined 14% on a y-o-y basis and stood at 6588 crore as at March 31, 2014.

The EBIDTA margin of the segment stood at 18.2% for the year ended March 31, 2014 vis-а-vis 21.3% recorded in the previous year due to escalation in execution costs.

Electrical & Automation (E&A) Segment

E&A Segment recorded Customer Revenue of 3657 crore during the year ended March 31, 2014, registering a modest y-o-y growth of 7%. International sales constituted 13% of the total customer revenue of the segment for the year ended

March 31, 2014.

The Customer Revenue for the quarter January-March 2014 stood at 1073 crore, recording a y-o-y growth of 5%.

The EBIDTA Margin of the E&A Segment at 14.2% for the year ended March 31, 2014 recorded an improvement over the 13.6% earned during the previous year despite competitive pressures on the back of reduction in key input prices and operational efficiencies.

Machinery & Industrial Products (MIP) Segment

MIP Segment recorded Customer Revenue of 1897 crore registering a decline of 18% over the previous year. International sales constituted 24% of the total customer revenue of the segment for the year. The revenue of the Segment was adversely impacted by sluggish market conditions and business restructuring initiatives. The Valves business and Industrial Cutting Tools business of the segment have been transferred to subsidiary companies during July - September 2013. The sales during the year 2013-14 are, therefore, not comparable with the corresponding previous year.

The Customer Revenue for the quarter January-March 2014 stood at 438 crore, registering a decline of 39% over the corresponding quarter of the previous year.

The Segment EBIDTA Margin at 12.7% during the year ended March 31, 2014 recorded a decline as compared to 16.3% earned during the previous year due to lower sales on account of business restructuring.

"Others" Segment

"Others" segment comprises Integrated Engineering Services (IES), Shipbuilding and Realty business.

Customer Revenue of Others Segment during the year ended March 31, 2014 stood at 2315 crore registering a growth of 54% over the previous year led by good performance of the IES and Realty business. International sales constituted 60% of the total customer revenue of the segment.

Customer Revenue during the quarter January-March 2014 at 916 crore registered a y-o-y growth of more than two times.

During the year ended March 31, 2014, the segment EBIDTA margin stood at 11.7% as compared to 13.1% during the previous year.