Chennai: July 25 (IANS) Closing the first quarter of FY24 with higher profit, engineering major Larsen & Toubro Ltd also announced a share buyback, declaration of a special dividend, investment of Rs 506 crore in a subsidiary, and acquisition of joint venture partner’s stakes.

According to L&T, it closed Q1FY24 with a standalone net profit of Rs 1,792.36 crore (against Q1FY23’s Rs 911.22 crore) on a total income of Rs 27,788.77 crore (Rs 20,779.54 crore). At their meeting held on July 25, 2023, the company’s Board of Directors approved buyback of 2.4 per cent of fully-paid equity shares or 3,33,33,333 shares with a face value of Rs 2 for a maximum price of Rs 3,000 per share for cash. The aggregate consideration will be Rs 10,000 crore.

The Board also approved a special dividend of Rs 6 per equity share on face value of Rs 2 each, for Financial Year 2023-24.