Larsen & Toubro reported a 4.9 percent year-on-year growth in Q3 FY21 consolidated profit at Rs 2,467 crore, with receiving highest ever orders in a quarter on receipt of prestigious and large contracts.
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Engineering and infrastructure major Larsen & Toubro on January 25 reported a 4.9 percent year-on-year growth in Q3 FY21 consolidated profit to Rs 2,467 crore, with receiving highest-ever orders in a quarter on receipt of prestigious and large contracts. The bottomline was ahead of CNBC-TV18 poll estimates which was pegged at Rs 2,110 crore for the quarter.
The profit growth was largely attributed to higher profit from IT a TS segment and sale of commercial property in realty. PAT also included a gain on divestment of Rs 209 crore from discontinued operations for the quarter ended December 2020, towards further adjustments accrued against the sale of the electrical & automation business to Schneider Electric SE and sale of the UK-based Marine control & automation systems subsidiary to Rolls-Royce Power Systems AG, L&T said.
Here are highlights from L&T’s Q3 FY20 earnings call compiled by Narnolia Financial Advisors:
The company registered strong order inflow of Rs 1,24,800 crore this quarter on the back of orders from infrastructure and hydrocarbon segments. The order book for the quarter stands at Rs 3,31,000 crore, of which domestic contributes 80 percent while international contributes 20 percent, L&T management said.
Out of the domestic order book of Rs 2,63,700 crore the split includes Central Government (12 percent), State Government (34 percent), PSUs (41 percent) and private (15 percent). Out of this order book, almost around Rs 9,000 crore is multi-lateral funded.
The management expects prospect pipeline of Rs 2,65,000 crore for Q4 FY21, of which, Rs 2,20,000 crore is domestic and the balance is international. Government is focusing on key areas such as Metro/RRTS/HSR High-speed rail, road and expressways, renewables, water and power transmission and distribution to boost recovery.
For 9MFY21, the company’s absolute level of net working capital has shown marginal improvement driven by customer collections. The company endeavours to maintain the same level of networking capital in March 2021 as existed in March 2020, the management said.
The company’s Q3 order inflow in infra segment surpassed cumulative order flows in H1FY21 and recorded 22 percent growth in revenue in Q3 on the back of supply chain normalization and workforce availability. There could be volatility in margin ahead depending on job mix, it said.
In the power segment, revenue increase in Q3 was driven from the opening order book. In defence engineering, multiple small value orders replenished opening order book. The recent policy of the government concerning this sector is encouraging, Rs 28,000 crore of the domestic project has been cleared by defence council, however, implementation may happen over a course of time.
The company believes that decline in revenue from developmental projects segment is mainly driven by Nabha Power mainly due to lack of coal supply due to the Rail Roko Agitation in Punjab which affected the power generation for almost a month. Metro margins are impacted by operating expenditure because of under-recovery due to COVID. Current traffic average on weekdays is around 1,25,000-1,30,000 riders per day, the management said.
Margin improvement in IT and technology segment was driven by improved utilization, onshore-offshore mix and operational efficiencies. In financial service segments, PAT de-growth is largely due to enhanced credit cost provisions, it said.
In Q2, the company has announced fund allocation of Rs 2000 crore for Hyderabad Metro out of which Rs 500 crore was infused in Q3. In the next 2-3 quarters, the company expects a decline in standalone debt. Current net debt to equity ratio is 0.1. The company expects it to be negligible post-March.
