LT · Construction
Larsen & Toubro Ltd. reported revenue of ₹55,128 cr for October to December 2023, — on the year and +8.0% on the quarter.
Operating profit (EBITDA) was ₹7,199 cr, a margin of 13.1%, — on the year and −74 bps on the quarter.
Net profit was ₹3,593 cr, — on the year and −6.6% on the quarter, with earnings per share of ₹21.44.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹55,128 cr | ₹67,079 cr | ₹55,120 cr | ₹61,555 cr | ₹64,668 cr | ₹74,392 cr | ₹63,679 cr | ₹67,984 cr | ₹71,450 cr | ₹82,762 cr | ₹67,942 cr | ₹78,750 cr |
| YoY | — | — | +15% | +21% | +17% | +11% | +16% | +10% | +10% | +11% | +7% | +16% |
| EBITDA margin | 13.1% | 12.9% | 12.8% | 12.9% | 12.2% | 13.3% | 12.6% | 12.5% | 12.9% | 12.6% | 12.0% | 11.2% |
| Other income, % of PBT | 18% | 18% | 20% | 20% | 18% | 20% | 23% | 22% | −7% | 20% | 34% | 30% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 22% | 26% | 26% | 25% | 23% | 26% | 26% | 29% | 25% | 28% | 23% |
| Net profit | ₹3,593 cr | ₹5,013 cr | ₹3,445 cr | ₹4,099 cr | ₹3,974 cr | ₹6,156 cr | ₹4,318 cr | ₹4,678 cr | ₹3,825 cr | ₹6,133 cr | ₹4,988 cr | ₹5,949 cr |
| YoY | — | — | +11% | +7% | +11% | +23% | +25% | +14% | −4% | −0% | +16% | +27% |
| Core profit YoY | — | — | +18% | +15% | +11% | +21% | +20% | +11% | +31% | +6% | +1% | +8% |
| EPS | ₹21.44 | ₹31.98 | ₹20.26 | ₹24.69 | ₹24.43 | ₹39.97 | ₹26.30 | ₹28.54 | ₹23.37 | ₹38.71 | ₹29.97 | ₹37.81 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Larsen & Toubro Ltd. reported revenue of ₹55,128 cr (— on the year) and net profit of ₹3,593 cr (— on the year) for October to December 2023.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.