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


BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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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