L&T Q3 Review - Robust Balance Sheet Makes Up For Minor Miss On Core E&C: Motilal Oswal
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Motilal Oswal Report
Larsen and Toubro Ltd.’s consolidated adjusted. Profit after tax grew 5% YoY to Rs 22.6 billion, 42% above our expectation.
The surprise was largely driven by bulky sales of commercial real estate (Rs 3.4 billion profit) and higher other income (up 127% YoY).
Excluding the impact of the same, core engineering and construction operating performance was a tad soft as core Ebitda declined 2% YoY and was 6% below our estimate.
Order inflows remained robust with 76% YoY growth during Q3 FY21, thanks to large orders like the high speed rail.
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