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Larsen & Toubro Ltd (Q3 FY14)

LT’s topline of Rs143.8bn was higher by 11.8% yoy, marginally higher than our estimate of 11% yoy growth.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs1,004, Target Rs1,137, Upside 13.2%

  • LT managed to register strong numbers on all fronts during the quarter

  • Order inflow continued to remain strong at Rs217bn, up by 21% yoy and is higher by 23% yoy to Rs674bn in 9M FY14

  • Standalone revenue of Rs143bn was in line with our estimate on the back of strong execution in the infrastructure segment

  • Operating margin for the company expanded by 186bps yoy on the back of improved performance by the infrastructure segment and lower losses in ship building and forex

  • Management has indicated that Q4 FY14 would be a challenging quarter due to upcoming elections and indicated on missing its full year guidance

  • Infrastructure segment to boost earnings; Upgrade to BUY with a revised price target of Rs1,137

Result table (Standalone)
(Rs mn)
 Q3 FY14
 Q3 FY13
 % yoy
 Q2 FY14
 % qoq
Net sales
 143,875
 128,693
 11.8
 123,084
 16.9
Material costs
 (67,967)
 (58,092)
 17.0
 (50,905)
 33.5
Sub-contracting charges
 (34,101)
 (35,720)
 (4.5)
 (29,348)
 16.2
Personnel costs
 (10,682)
 (9,268)
 15.3
 (13,753)
 (22.3)
Other overheads
 (14,378)
 (13,032)
 10.3
 (17,221)
 (16.5)
Operating profit
 16,748
 12,583
 33.1
 11,857
 41.3
OPM (%)
 11.6
 9.8
 186 bps
 9.6
 201 bps
Depreciation
 (1,992)
 (1,779)
 12.0
 (1,926)
 3.4
Interest
 (2,909)
 (2,338)
 24.4
 (2,379)
 22.3
Other income
 4,468
 5,595
 (20.1)
 4,656
 (4.0)
PBT
 16,316
 14,061
 16.0
 12,208
 33.7
Tax
 (4,953)
 (3,929)
 26.1
 (3,562)
 39.1
Effective tax rate (%)
 30.4
 27.9
29.2
Adjusted PAT
 11,363
 10,132
 12.1
 8,646
 31.4
Adj. PAT margin (%)
 7.9
 7.9
 2 bps
 7.0
 87 bps
Extra ordinary items
 1,044
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