Strong overseas orders for power projects boost India’s Larsen & Toubro

The company saw customer revenue increase to ₹129,897 crore (US$15.6 billion) for the year to 31 March 2025, off the back of a swelling order book.

International revenues made up 41% of total revenue in the segment for the year.

The growth came despite a slower final quarter of its financial year, which saw 2% revenue growth to ₹ 38,901 crore (US$4.5 billion), following faster project execution during earlier quarters of the year.

The company pointed to a strong inflow of new orders, driven by major renewable, power transmission and distribution, and buildings and factories orders. Its infrastructure projects segment secured ₹ 173,226 crore (US$20.2 billion) of new orders during the year, which was a 21% year-on-year increase. Some 61% of those orders came from overseas.

That took Larsen & Toubro’s total segment order book to ₹ 357,053 crore (US$41.6 billion) as of March 31, 2025, with the share of international orders at 39%.

Separately, Larsen & Toubro’s Energy Projects segment, which designs and builds coal- and gas-fired power plants, recorded revenue of ₹ 40,668 crore (US$4.7 billion). That represented a 38% year-on-year increase as projects ramped up. International projects accounted for 66% of customer revenue.

The Energy Projects segment secured orders of ₹ 87,569 crore (US$10.2 billion) during the year, growing 19% year on year. International orders made up 60% of the total order inflow. The segment’s total order book reached ₹165,754 crore (US$19.3 billion) as of 31 March 2025.