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Larsen & Toubro Q3 net down -16.7% yoy at Rs2,055cr due to sharp spike in cost of construction and exceptional gains last year

Larsen & Toubro Ltd reported 11.14% yoy growth in total sales revenues for the Dec-21 quarter on consolidated basis at Rs39,563cr

January 28, 2022 7:58 IST | India Infoline News Service
Larsen & Toubro Ltd reported 11.14% yoy growth in total sales revenues for the Dec-21 quarter on consolidated basis at Rs39,563cr. On a sequential basis, the revenues were up by 13.78%.

During the December 2021 quarter, L&T saw solid revenue growth traction across infrastructure segment, hydrocarbons and IT. However, heavy engineering and the defence engineering businesses came under pressure.

The order book of L&T stood at a record level of Rs340,365cr. It bagged orders worth Rs.50,359cr during the Dec21 quarter.

For the Dec-21 quarter, the operating profits were up on a yoy basis by 6.15% at Rs3,798cr. During the quarter, there was solid traction in EBIT growth in infrastructure and IT and Technology.

However, EBIT growth came under pressure in hydrocarbons, heavy engineering and defence engineering. A sharp spike in construction costs and construction material costs in the quarter on yoy basis also had its impact.

Operating margins fell marginally from 10.05% in Dec-20 quarter to 9.60% in the Dec-21 quarter. Operating margins were higher on a sequential basis by 21 bps.

Net Profit after tax (PAT) for the Dec-21 quarter was down -16.7% yoy at Rs2,055cr on the back of the weak operating performance getting transmitted to the bottom line. In addition, the company also had exceptional gains of Rs209cr in the Dec-20 quarter which also contributed to the profit fall.

Also other income halved at Rs.571cr on yoy basis. PAT margins fell from 6.93% in the Dec-20 quarter to 5.19% in the Dec-21 quarter. The PAT margins were just marginally lower by 4 bps on a sequential basis.


Financial highlights for Dec-21 compared yoy and sequentially


Larsen & Toubro
Rs in Crore Dec-21 Dec-20 YOY Sep-21 QOQ
Total Income (Rs cr) ₹ 39,563 ₹ 35,596 11.14% ₹ 34,773 13.78%
EBITDA (Rs cr) ₹ 3,798 ₹ 3,578 6.15% ₹ 3,266 16.28%
Net Profit (Rs cr) ₹ 2,055 ₹ 2,467 -16.70% ₹ 1,819 12.93%
Diluted EPS (Rs) ₹ 14.61 ₹ 17.55 ₹ 12.94
EBITDA Margin 9.60% 10.05% 9.39%
Net Margins 5.19% 6.93% 5.23%

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