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Larsen & Toubro
Overweight
LART.BO, LT IN
Execution weak, but order flows exceptionally strong
• L&T pre-exceptional parent PAT of Rs14.4B (up 8% YoY) came in
below our estimate of Rs16B. Revenue at Rs151B (up 13%) fell short of
estimate of Rs163B and OPM at 15.1% was just a shade below our
estimate of 15.3%. On the whole, execution has continued to disappoint
in 4Q but margins were in-line.
• L&T reported order inflow of Rs286B – while this was below original
guidance of Rs375B, the inflows are unprecedented in L&T’s history.
Hyderabad Metro was booked and other orders were mainly in metals
and building / factories segment as per the company. It will be
interesting to see the composition of orders. Full-year order flow at
Rs797B (up 15%) and OB stood at Rs1.3trillion.
• At the consolidated level, adjusted PAT for the year, at Rs43.8bn was up
25.3% YoY. This is much higher than the standalone PAT growth and
suggests that subs (Eg: finance, IT, etc) could have recorded faster
growth
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Larsen & Toubro
Overweight
LART.BO, LT IN
Execution weak, but order flows exceptionally strong
• L&T pre-exceptional parent PAT of Rs14.4B (up 8% YoY) came in
below our estimate of Rs16B. Revenue at Rs151B (up 13%) fell short of
estimate of Rs163B and OPM at 15.1% was just a shade below our
estimate of 15.3%. On the whole, execution has continued to disappoint
in 4Q but margins were in-line.
• L&T reported order inflow of Rs286B – while this was below original
guidance of Rs375B, the inflows are unprecedented in L&T’s history.
Hyderabad Metro was booked and other orders were mainly in metals
and building / factories segment as per the company. It will be
interesting to see the composition of orders. Full-year order flow at
Rs797B (up 15%) and OB stood at Rs1.3trillion.
• At the consolidated level, adjusted PAT for the year, at Rs43.8bn was up
25.3% YoY. This is much higher than the standalone PAT growth and
suggests that subs (Eg: finance, IT, etc) could have recorded faster
growth
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