Engineering and construction giant Larsen & Toubro on Tuesday announced that its board has approved a Rs 10,000 crore share buyback of up to Rs 3,000 apiece, as well as a special dividend of Rs 6 per share for the fiscal ending March 2023. The company also reported a better-than-expected consolidated net profit of Rs 2,493 crore for the first quarter of FY24.
“From an efficiency standpoint, the buyback is an important exercise to support the company’s progress towards targeted return on equity ranges,” said Nirav Karkera, who heads research at financial services provider Fisdom.
