Larsen & Toubro Limited - Consensus Expectations for Q3FY19E

Revenue for Q3FY19 is expected to grow 15% yoy

Jan 25, 2019 11:01 IST India Infoline News Service

L&T Consensus estimates for Q3FY19E:
  • Revenue – Rs32,952cr, up 15% yoy, driven by strong execution mainly in infrastructure segment further supported by hydrocarbon business
  • EBITDA – Rs3,653cr, up 16% yoy, led by higher revenue amid stable operating expenses
  • EBITDA Margin – 11%, marginal expansion of 15bps yoy
  • PAT – Rs1,899cr, up 26% yoy
Q2FY19 Performance Highlights:
  • Revenue - Rs32,080.8cr, up 21% yoy driven by improved execution in project business and strong growth in service business
  • EBITDA - Rs3,770.5cr, up 27% yoy
  • EBITDA Margin - 12%, expanded by 55bps yoy
  • PAT -  Rs2,230.5cr, up 23% yoy
  • We expect healthy execution in both domestic and exports order. Hydrocarbon, Defence Engineering (K9 Vajra execution), services to stay strong; Power to  be muted.
  • Expect moderation in revenues and profit from Realty business qoq. Expect EBIT (ex-services) to be broadly flat qoq (+10bps yoy). 
  • Working capital condition to improve but large order inflows to be muted.

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