Friday, November 20, 2020

LARSEN AND TOUBRO LTD - Q2 FY21 RESULTS REVIEW - DT 15 11 2020

 

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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