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L&T Q4 Review - Resilient Operating Performance: Dolat Capital

L&T Q4 Review - Resilient Operating Performance: Dolat Capital

<div class="paragraphs"><p>The logo of Larsen &amp; Toubro Ltd. is displayed during a news conference at the company's headquarters in Mumbai, India. (Photographer Kuni Takahashi/Bloomberg)</p></div>
The logo of Larsen & Toubro Ltd. is displayed during a news conference at the company's headquarters in Mumbai, India. (Photographer Kuni Takahashi/Bloomberg)

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.

Dolat Capital Report

Larsen and Toubro Ltd. delivered resilient operational performance with Ebitda growth of 25% YoY.

Sales grew 8.7% YoY, in line with our/consensus estimates as core (excluding-services) and services sales growth of 10% / 5% YoY respectively.

Ebitda was 13% / 16% ahead of our / consensus estimates with margin expansion of 171 basis points YoY at 13.3%.

Notably, the core Ebit margin stood at 11.7, 80bps up YoY.

Adjusted profit after tax came in at Rs 34 billion (down 2.3% / up 12.3% versus our / consensus estimates) due to higher tax rate and higher depreciation caused by metro capitalization.

Click on the attachment to read the full report:

Dolat Capital Larsen & Toubro Q4FY21 Result Update.pdf

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