L&T Q4 Review - Healthy Performance Amid Execution Pick-Up: ICICI Direct
A Larsen & Toubro Ltd. employee grinds metal inside a dome at the company’s heavy engineering division in Hajira, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

L&T Q4 Review - Healthy Performance Amid Execution Pick-Up: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Larsen and Toubro Ltd.’s adjusted standalone revenues (excluding -electrical and automation business) for the quarter grew 9.2% YoY to Rs 29,754.1 crore (versus our estimate of Rs 29,159 crore).

On a standalone basis, infrastructure segment revenue (contributing ~83%) grew 2.9% to Rs 24,765 crore YoY owing to job mix and site productivity, though execution improved sequentially due to higher work force mobilisation and supply chain normalisation.

On a consolidated basis, adjusted revenues from continuing operations on a like-to-like basis grew 8.7% to Rs 48,087.8 crore YoY.

During the quarter, standalone Ebitda margins improved 240 basis points to 12.1% (versus our estimate of 10.5%) YoY owing to job mix and cost control initiatives.

Click on the attachment to read the full report:

ICICI Direct LarsenToubro Q4FY21 Result Update.pdf

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