Engineering and construction giant Larsen & Toubro (L&T) on Wednesday reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the quarter ended March and announced that non-executive chairman A.M. Naik has decided to step down from the post and will become the chairman Emeritus.

S. N. Subrahmanyan, who is the chief executive officer and managing director, has been re-designated as the chairman and MD of the company with effect from October 1, 2023, according to a regulatory filing.

Dividend declared

The board of directors recommended a final dividend of Rs 24 per equity share for FY23.

The consolidated revenue of the company during January-March 2023 increased to Rs 58,335 crore from Rs 52,851 crore in the year-ago period, a rise of 10 per cent.

Total expenses also surged 11 per cent to Rs 51,502 crore against Rs 46,334 crore in January-March FY22.

In a separate statement, Subrahmanyan said, “For the first time ever, our group order inflows cross Rs 2 trillion (Rs 2 lakh crore) and our order book Rs 4 trillion is at a record high.

“Our group revenues at Rs 1.83 trillion for the year registered a growth of 17 per cent, the best we have achieved in the five last years.”

Naik exit

Naik has decided to step down with effect from September 30. He has been associated with the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation.

As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.

“L&T has been my life. I am immensely proud that I could play a significant part in its growth. The growth trajectory that the company has charted in the last two to three decades is exemplary,” Naik said.