LARSEN AND TOUBRO
Q2 FY21 RESULTS REVIEW
DT 15 11 2020
COMPANY OVERVIEW
Larsen & Toubro Limited (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India`s private sector.
More than seven decades of a strong, customer-focused approach and the continuous quest for world-class quality have enabled it to attain and sustain leadership in all its major lines of business.
L&T has an international presence, with a global spread of offices.
A thrust on international business has seen overseas earnings grow significantly. It continues to grow its global footprint, with offices and manufacturing facilities in multiple countries.
The company`s businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support.
The company is also in the business activities of Power, Infrastructure, Electrical & Electronics, Engineering Construction, Metallurgical & Material Handling
MANAGEMENT
M Naik Group Chairman
S N Subrahmanyan Managing Director & CEO
R Shankar Raman Whole Time Director & CFO
QUARTERLY RESULTS
|
Larsen & Toubro (in Rs. Cr.) |
Sep '20 |
Jun '20 |
Mar '20 |
Dec '19 |
Sep '19 |
YOY |
QOQ |
|
Net Sales |
31,035 |
21,260 |
44,245 |
36,243 |
35,328 |
-12.15 |
45.98 |
|
Raw Materials |
3,995 |
2,349 |
3,795 |
3,962 |
10,321 |
-61.29 |
70.09 |
|
Traded Goods |
293.94 |
139.48 |
223.67 |
243.05 |
188.85 |
55.65 |
110.74 |
|
Increase/Decrease in Stocks |
540.58 |
-192.63 |
664.33 |
-114 |
313.28 |
72.55 |
-380.63 |
|
Employees Cost |
6,084.37 |
6,153.48 |
6,288.41 |
6,133.21 |
6,140.60 |
-0.92 |
-1.12 |
|
Depreciation |
713.12 |
672.23 |
710.94 |
660.23 |
629.65 |
13.26 |
6.08 |
|
Admin. And Selling Expenses |
2,120.72 |
2,149.03 |
2,232.77 |
2,137.69 |
2,279.65 |
-6.97 |
-1.32 |
|
Other Expenses |
12,680.55 |
6,937.50 |
23,984.78 |
17,759.11 |
10,039.47 |
26.31 |
82.78 |
|
P/L Before Other Inc., Int., Excpt. Items & Tax |
4,606.39 |
3,052.13 |
6,345.73 |
5,461.84 |
5,415.49 |
-14.94 |
50.92 |
|
Other Income |
559.03 |
777.4 |
660.48 |
469.01 |
596.44 |
-6.27 |
-28.09 |
|
P/L Before Int., Excpt. Items & Tax |
5,165.42 |
3,829.53 |
7,006.21 |
5,930.85 |
6,011.93 |
-14.08 |
34.88 |
|
Interest |
3,027.22 |
3,159.79 |
2,756.47 |
2,707.62 |
2,709.18 |
11.74 |
-4.2 |
|
P/L Before Exceptional Items & Tax |
2,138.20 |
669.74 |
4,249.74 |
3,223.23 |
3,302.75 |
-35.26 |
219.26 |
|
Exceptional Items |
-3,732 |
224.72 |
-- |
-- |
-- |
-1761 |
|
|
PROFIT Before Tax |
-1,594 |
894 |
4,250 |
3,223 |
3,303 |
-148 |
-278 |
|
Tax |
675.36 |
256.44 |
966.29 |
711 |
791.12 |
-14.63 |
163.36 |
|
P/L After Tax from Ordinary Activities |
-2,269 |
638 |
3,283 |
2,512 |
2,512 |
-190 |
-456 |
|
Extra Ordinary Items |
8,146 |
7.05 |
132.39 |
191.34 |
218.76 |
3624 |
115446 |
|
Net Profit |
5,876.54 |
645.07 |
3,415.84 |
2,703.57 |
2,730.39 |
115.23 |
810.99 |
|
Minority Interest |
-303.72 |
-240.79 |
-365.42 |
-399.54 |
-243.17 |
24.9 |
26.13 |
|
Share Of P/L Of Associates |
-52.55 |
-101.14 |
146.65 |
48.09 |
40.04 |
-231.24 |
-48.04 |
|
Net P/L After M.I & Associates |
5,520.27 |
303.14 |
3,197.07 |
2,352.12 |
2,527.26 |
118.43 |
1721.03 |
|
Equity Share Capital |
280.81 |
280.8 |
280.78 |
280.72 |
280.65 |
0.06 |
0 |
|
Basic EPS |
39.32 |
2.16 |
22.78 |
16.76 |
18.01 |
118.32 |
1720.37 |
MP 1059.1
PE 6.73
VOLUMES 9,11,852
52 Wk L/H 661.05 1417.5
|
Annual |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Sales |
1,45,452 |
1,35,220 |
1,19,683 |
1,09,311 |
1,01,123 |
|
Net Profit |
10,167 |
9,668 |
8,440 |
6,880 |
5,534 |
|
Other Income |
2,360 |
1,836 |
1,412 |
1,344 |
904 |
|
Total Income |
1,47,813 |
1,37,056 |
1,21,095 |
1,10,655 |
1,02,028 |
|
Total Expenditure |
1,31,585 |
1,21,518 |
1,07,917 |
1,00,429 |
92,353 |
|
EBIT |
16,227 |
15,537 |
13,177 |
10,226 |
9,626 |
|
Interest |
2,796 |
1,802 |
1,538 |
1,338 |
1,655 |
|
Tax |
3,263 |
4,067 |
3,198 |
2,006 |
2,436 |
|
CASH FLOWS |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Operating Activities |
6,693 |
-4,755 |
-10,031 |
6,655 |
-3,239 |
|
Investing Activities |
-8,256 |
-11,022 |
3,914 |
-9,795 |
-4,626 |
|
Financing Activities |
6,371 |
15,440 |
9,370 |
2,895 |
7,252 |
|
Others |
0 |
0 |
0 |
0 |
0 |
|
Net Cash Flow |
4,809 |
-338 |
3,253 |
-244 |
-613 |
|
HISTORICAL PRICES |
PRICES |
|
3 YR BEF |
1230.5 |
|
2YR |
1392 |
|
1YR |
1395.7 |
|
3MONTHS |
997 |
|
1MONTH |
896.5 |
|
1 WEEK |
960.7 |
|
CURRENT |
1059 |
|
Share Holding Pattern in (%) |
||||
|
Standalone |
Jun-20 |
Mar-20 |
Sep-19 |
Jun-19 |
|
Promoters |
0 |
0 |
0 |
0 |
|
Pledged |
0 |
0 |
0 |
0 |
|
FII/FPI |
18.77 |
16.9 |
19.52 |
20.03 |
|
Total DII |
59.5 |
61.86 |
60.32 |
58.62 |
|
Fin.Insts |
0.11 |
0.1 |
0.56 |
0.55 |
|
Insurance Co |
18.65 |
18.56 |
18.36 |
19.52 |
|
MF |
17.15 |
19.19 |
18.41 |
17.43 |
|
Others DIIs |
23.59 |
24.01 |
22.99 |
21.12 |
|
Others |
21.73 |
21.24 |
20.16 |
21.36 |
|
Total |
100 |
100 |
100 |
100.01 |
|
BONUS Ratio |
Announcement Date |
Ex-Bonus |
|
01:02 |
May 29, 2017 |
Jul 13, 2017 |
|
01:02 |
May 22, 2013 |
Jul 11, 2013 |
|
01:01 |
May 29, 2008 |
Oct 01, 2008 |
|
01:01 |
Jun 07, 2006 |
Sep 28, 2006 |
|
Per Share Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Basic EPS (Rs.) |
68.04 |
63.51 |
52.62 |
43.2 |
45.48 |
|
Diluted Eps (Rs.) |
67.95 |
63.4 |
52.49 |
43.05 |
45.27 |
|
Book Value [Excl. Reval Reserve]/Share (Rs.) |
543.09 |
492.23 |
436.19 |
574.81 |
505.35 |
|
Dividend/Share (Rs.) |
18 |
18 |
16 |
21 |
18.25 |
|
Face Value |
2 |
2 |
2 |
2 |
2 |
|
Margin Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Gross Profit Margin (%) |
12.84 |
12.69 |
12.51 |
11.41 |
11.24 |
|
Operating Margin (%) |
11.15 |
11.27 |
10.9 |
9.24 |
9.47 |
|
Net Profit Margin (%) |
7.44 |
7.57 |
7.05 |
6.29 |
5.47 |
|
Return Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Return on Networth / Equity (%) |
14.31 |
14.31 |
13.27 |
12.06 |
9.58 |
|
ROCE (%) |
9.93 |
10.54 |
9.61 |
8.23 |
3.85 |
|
Return On Assets (%) |
3.09 |
3.19 |
3 |
2.84 |
2.17 |
|
Leverage Ratios |
Mar-20 |
Mar-19 |
Mar-18 |
Mar-17 |
Mar-16 |
|
Debt to Equity (x) |
2.11 |
2.02 |
1.66 |
1.68 |
1.99 |
|
Interest Coverage Ratios (%) |
5.8 |
8.46 |
8.49 |
7.55 |
5.79 |
EPC major L&T is set to bag its second big contract within a space of few days as the company has emerged as the lowest bidder at Rs 3,166 crore to construct a 20 km, 4-lane road bridge across the Brahmaputra from Dhubri to Phulbari on NH 127B, sources told Moneycontrol.
The tender for the project was given by the National Highways and Infrastructure Development Corporation Limited (NHIDCL).
It will be the longest road bridge (18.36 kms) over a river in the country.
L&T's bid of Rs 3,166 crore was around Rs 1,000 crore lower than SP Singla Constructions.
Bullet train project: L&T emerges as lowest bidder for another stretch in Gujarat
The project is being financed by the Japan International Cooperation Agency.
The bridge will cut travel distance by over 200 km and boost connectivity in the north eastern states. It will also act as an important conduit for the armed forces and give a fillip to trade and commerce.
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