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