L&T - In-Line Execution, Margins Surprise Positively In Q4: Anand Rathi
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Anand Rathi Report
With its 11% YoY core revenue growth (excluding services) to Rs 368 billion (our estimate Rs 362 billion), Larsen and Toubro Ltd.’s Q4 FY21 execution was broadly as we estimated.
Consolidated revenue (including services) was up 9% YoY to Rs 481 billion; however the 13.3% Ebitda margin surprised (our estimate 11.5%) led by strong margin expansion in the core and services businesses.
Q4 FY21 engineering and construction orders fell 27% YoY due to tenders deferred and delay in awarding.
Management talked of a healthy opportunity pipeline of Rs 9.6 trillion in FY22 (Rs 6.6 trillion domestic, the rest international).
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