Larsen & Toubro Limited
NSE Symbol LT
LARSEN & TOUBRO LTD has declared its results for the fourth qtr - Q4 FY 2011 and for FY 2011. These are analyzed below :
ANNUAL CONSOLIDATED RESULTS
Net Sales for FY 2011 is Rs.51552.03 Cr – up by 18.47% from FY 10; and up by 28.28% from FY 09. Thus, Increase in sales quite good. From Announcements section below, we can also see that L&T has been bagging BIG orders very consistently.
Consumption of Raw Materials – is Rs.30084.50 Cr – up by 85.80% from FY 10 and up by 80.26% from FY 09. Thus, there is pressure on Raw Material Costs.
Other Expenditure has however come down to Rs.9023.01 Cr – down by 44.49% from FY 10; and down by 38.85% from FY 09.
Overall, total Expenditure has increased to Rs.45650.49 Cr – up by 18.54% from FY 10 and up by 25.93% from FY 09.
Profit from Operations has increased to Rs.6438.65 Cr – up by 17.94% from FY 10; and up by 52.20% from FY 09.
But, there has been increase in Interest expense and decrease in Exceptional income. So, Profit before tax stands at Rs.6732.21 Cr – down by 8.35% from FY 10 and up by 54.40% from FY 09.
Due to increase in Tax expense, Net Profit after tax is down to Rs.4376.82 Cr – down by 17.52% from FY 10; and up by 49.14% from FY 09.
Net Profit stands at Rs.4447.66 Cr – down by 18.28% from FY 10 and up by 19.98% from FY 09.
Consolidated Net Profit comes to Rs.4456.17 Cr – down by 18.25% from FY 10; but up by 17.59% from FY 09. Thus, higher raw material cost, interest expense etc have brought down the Consolidated net profit for FY 11 by 18.25% from FY 10.
Against a Face value of Rs.2, the Basic EPS before Exceptional Items (in Rs.) for FY 11 stands at Rs. 72.39 - against Rs.89.61 for FY 10 and Rs.51.58 for FY 09.
CONSOLIDATED RESULTS TABLE :
| FY 11 | |||
| Net Sales | 5,155,203.00 | 4,351,358.00 | 4,018,700.00 |
| Other Operating Income | 53,711.00 | 45,622.00 | 29,287.00 |
| Increase in SIT / WIP | -54,782.00 | 48,773.00 | -23,434.00 |
| Consumption of Raw Materials | 3,008,450.00 | 1,619,178.00 | 1,668,941.00 |
| Purchase of traded goods | 197,000.00 | 153,095.00 | 164,452.00 |
| Employees Cost | 380,195.00 | 306,583.00 | 266,604.00 |
| Depreciation | 131,885.00 | 97,932.00 | 72,832.00 |
| Other Expenditure | 902,301.00 | 1,625,482.00 | 1,475,559.00 |
| Total Expenditure | 4,565,049.00 | 3,851,043.00 | 3,624,954.00 |
| Profit from Operations | 643,865.00 | 545,937.00 | 423,033.00 |
| Other Income | 91,913.00 | 75,963.00 | 57,537.00 |
| Interest | 83,086.00 | 69,192.00 | 46,196.00 |
| Exceptional items | -20,529.00 | -181,827.00 | -1,659.00 |
| Profit before tax | 673,221.00 | 734,535.00 | 436,033.00 |
| Tax Expense | 235,539.00 | 203,875.00 | 142,567.00 |
| Net Profit(after tax | 437,682.00 | 530,660.00 | 293,466.00 |
| Extraordinary Items | -7,084.00 | -13,572.00 | -77,246.00 |
| Net Profit | 444,766.00 | 544,232.00 | 370,712.00 |
| Minority Interest | 7,856.00 | -10,595.00 | -3,144.00 |
| Shares of Associates | -8,707.00 | 9,753.00 | -5,090.00 |
| Other Related Items | - | - | - |
| Consolidated Net Profit | 445,617.00 | 545,074.00 | 378,946.00 |
| Dividend (%) | - | - | - |
| Face Value (in Rs.) | 2 | 2 | 2 |
| Paid-up Equity | 12,177.00 | 12,044.00 | 11,714.00 |
| Reserves | 2,489,913.00 | 2,081,492.00 | 1,383,845.00 |
| Basic EPS before EI (in Rs.) | 72.39 | 89.61 | 51.58 |
| Diluted EPS before EI (in Rs.) | 71.3 | 87.92 | 50.87 |
| Basic EPS after EI (in Rs.) | 73.56 | 91.9 | 64.76 |
| Diluted EPS after EI (in Rs.) | 72.45 | 90.16 | 63.89 |
STAND ALONE QTRLY RESULTS
The quarterly (non-consolidated) results are analyzed below :
Net Sales for Q4 FY 11 stands at Rs.15078.39 cr – up by 33.18% from previous qtr (Q3 FY 11) and up by 12.74% from corresponding qtr (Q4 FY 10).
Total Expenditure for Q4 FY 11 is Rs.13279.12 cr – up by 28.88% from Q3 FY 11 and up by 13.98% from Q4 FY 10.
Profit from Operations for Q4 FY 11 is Rs.2105.09 cr – up by 89.68 from Q3 FY 11; and up by 8.82% from Q4 FY 10.
Profit before tax for Q4 FY 11 is Rs.2565.51 Cr – up by 110.88% from Q3 FY11 and up by 18.98% from Q4 FY 10.
Net Profit for Q4 FY 11 has gone up to Rs.1686.21 cr – up by 100.61% from Q3 FY 11; and up by 17.25% from Q4 FY 10.
Basic EPS after EI for Q4 FY 11 is Rs.27.7 against Rs.13.84 in Q3 FY 11 and Rs.23.9 in Q3 FY 10. Thus, there is impressive progress in Q4 FY 11 (stand alone).
STAND ALONE QTRLY RESULTS TABLE :
| L T | 31-Mar-11 | 31-Dec-10 | 31-Mar-10 |
| Net Sales | 1507839 | 1132167 | 1337489 |
| Total Expenditure | 1327912 | 1030328 | 1165056 |
| Profit from Operations | 210509 | 110980 | 193454 |
| Other Income | 36982 | 24718 | 32984 |
| Interest | 13617 | 17571 | 13556 |
| Exceptional Items | -22677 | -3530 | -2752 |
| Profit before tax | 256551 | 121657 | 215634 |
| Tax expense | 87930 | 37604 | 79141 |
| Net Profit | 168621 | 84053 | 143810 |
| Face Value (In Rs | 2 | 2 | 2 |
| Basic EPS after EI | 27.7 | 13.84 | 23.9 |
| Diluted EPS after EI | 27.41 | 13.66 | 23.44 |
ANNOUNCEMENTS TO NSE
24-05-2011 the members of the Company, by way of Postal Ballot, have passed the Ordinary Resolution under Section 293(1) (a) of the Companies Act, 1958 for transfer of Electrical & Automation Business of the Company to a Subsidiary and / or Associate Company or to any other entity, with requisite majority.
19-05-2011 Larsen & Toubro have recommended a Dividend of Rs. 14.50/- per share (Previous year Rs. 12.50/- per share) and the Company will arrange to pay the same on August 30, 2011, if approved by the members in Annual General Meeting scheduled to be held on August 26, 2011.
19-05-2011 Larsen & Toubro consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 5155203 lacs for year ending on 31-MAR-2011 against Rs. 4351358 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 445617 lacs for the year ending on
31-MAR-2011 against Rs. 545074 lacs for the year ending on 31-MAR-2010.
19-05-2011 Larsen & Toubro standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 4349593 lacs for year ending on 31-MAR-2011 against Rs. 3667515 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 395789 lacs for the year ending on 31-MAR-2011 against Rs. 437552 lacs for the year ending on 31-MAR-2010.
18-05-2011 "L&T wins Rs.1450 Cr GSPC Contract for Offshore Process Platform in KG Basin".
16-05-2011 " L&T bags Gas Based Power Plant EPC Order from PPN Power."
05-04-2011 "L&T Metro Rail (Hyderabad) Limited achieves Financial Closure for Hyderabad Metro Rail Project".
31-03-2011 "L&T Divests Stake in L&T-CASE JV".
14-02-2011 "L&T bags over Rs. 1100 Crore Power Plant EPC Order from GSECL".
10-02-2011 "Larsen & Toubro and CASSIDIAN join forces in India to forge a long term partnership".
25-01-2011 "L&T and Kobe Steel Ink JV for Tyre & Rubber Industry Equipment".
13-01-2011 "L&T exports first Nuclear Equipment to USA".
11-01-2011 "L&T MHI JV Inaugurates Twin Facilities for Power Equipment Manufacture at Hazira, Surat".
06-01-2011 "L&T bags New Orders worth Rs.1181 Cr in Buildings & Factories IC".
03-01-2011 "L&T Bags Rs.1103 Crore Orders in Railway Sector".
31-12-2010 "L&T Bags Rs.2503 Crore Electrical Projects from Domestic and International Markets".
30-12-2010 "L&T Bags Rs.1164 Crore Orders from Metallurgical and Water sectors".
03-12-2010 "L&T bags INR 716 Cr Infrastructure order in UAE".
02-12-2010 "L&T wins INR 415 Cr order from Hindalco and Sepco-I for thermal power plant construction".
25-11-2010 " L&T bags New Orders worth Rs.1030 Cr in Buildings & Factories Segment".
15-11-2010 " L&T led Consortium bags First Overseas Airport EPC Order in Oman".
19-10-2010 " L&T Wins Rs. 1,449 Crore Order from DB Power".
18-10-2010 "Performance for the quarter ended September 30, 2010; Sales grow 18%, Profit after Tax rises 32%".
08-10-2010 "L&T Bags New Orders worth Rs. 1585 Crore from Buildings & Factories Segment".
30-09-2010 "L&T Bags INR 700 Cr Orders from Water & Material Handling Sectors".
27-09-2010 "L&T Finance Holdings Limited (earlier known as L&T Capital Holdings Limited), a subsidiary of the Company, proposes to enter the capital market with an Initial Public Offering (IPO) of equity shares for an amount aggregating to Rs.1500 crores (Rupees One Thousand Five Hundred Crores Only). Accordingly, a Draft Red Herring Prospectus (DRHP) prepared in accordance with the provisions of Securities & Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2009 and approved by the IPO Committee of L&T Finance Holdings at its meeting held earlier in the day, is proposed to be filed by L&T Finance Holdings with Securities & Exchange Board of India."
27-09-2010 "L&T wins INR 1,610 Cr order from Visa Power Ltd. for 1200 MW Power Plant".
23-09-2010 "L&T and Befula Investments (South Africa) to Collaborate on Power Transmission & Distribution Opportunities in South Africa".
23-08-2010 "L&T bags Rs. 1195 Cr ONGC order".
05-08-2010 "L&T Bags Rs.1749 Crore Orders from Metallurgical Sector".
04-08-2010 "L&T bags New Orders worth Rs. 1025 crore in Buildings & Factories Segment
02-08-2010 "L&T Wins Rs. 6500 crore Mega Power Plant Order from Jaiprakash Group".
27-07-2010 "Performance for the quarter ended June 30, 2010; Order Inflow grows 63%; Profit after Tax from normal operations up 15%".
19-07-2010 "L&T General Insurance Company Limited to commence Operations; receives R3 approval from IRDA".
15-07-2010 "L&T-MHI Power Joint Ventures Start Production".
14-07-2010 "L&T to execute vital refurbishment of ONGC's Offshore Jack-up Rig "Sagar Uday"."
08-07-2010 "L&T Infra gets Infra NBFC status from RBI".
30-06-2010 "L&T Bags Rs.1383 Crore Orders".
22-06-2010 "L&T bags Rs. 827 Crore Orders for Thermal Power Plant Construction".
18-06-2010 "L&T bags New Orders worth Rs.1440 crore in Buildings & Factories Segment".
10-06-2010 " L&T Bags Rs. 747 Crore Orders for Metallurgical, Material Handling Projects".
17-05-2010 "Performance for the Quarter ended March 31, 2010; Profit After Tax grows 44%, Sales up by 28%.".
17-05-2010 Larsen & Toubro Limited consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 4351358 lacs for year ending on 31-MAR-2010 against Rs. 4018700 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 545074 lacs for the year ending on 31-MAR-2010 against Rs. 378946 lacs for the year ending on 31-MAR-2009.
17-05-2010 Larsen & Toubro Limited standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 3667515 lacs for year ending on 31-MAR-2010 against Rs. 3364657 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 437552 lacs for the year ending on 31-MAR-2010 against Rs. 348166 lacs for the year ending on 31-MAR-2009.
17-05-2010 Larsen & Toubro Limited has recommended a Dividend of Rs. 12.50/- per share (Previous year Rs. 10.50/- per share).
14-05-2010 "L & T bags NHAI Order for Six Laning of Krishnagiri- Walajahpet Highway".
11-05-2010 "Larsen & Toubro wins an order in Water Technology Business in Doha, Qatar".
04-05-2010 "Larsen & Toubro and Howden establish Joint Venture for Axial Fans and Air-Heaters business in India".
05-04-2010 "L&T to execute vital GSPC East Coast Rs 1060 Cr Oil Platform".
01-04-2010 "Rolls-Royce and Larsen & Toubro to Collaborate on Global Nuclear Opportunities".
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