L&T Q1 Review – Stable Performance; Strong Outlook: Centrum Broking


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Larsen and Toubro Ltd.’s Q1 FY23 results were largely buoyant with engineering, construction business performance being in line with estimate.

While pass-through inflation led to positive surprise in revenue it also depressed the % margins on reported basis.

Profit after tax at Rs 17 billion (up 45% YoY) was marginally below estimate of Rs 17.6 billion with impact of higher corporate overheads and depreciation being largely offset by lower tax rate.

L&T’s consolidated revenue/Ebitda grew 22.2%/24.8% YoY to Rs 358 billion/Rs 39.6 billion with Ebitda margin up 20 bps YoY to 11%.

Engineering and construction revenue grew 23.4% YoY to Rs 221 billion, Ebitda plus 13.6% YoY at Rs 18.2 billion (estimate: Rs 17.8 billion) with Ebitda margin at 8.2% (down 70 bps YoY).

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