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--L&T Oct-Dec consol net profit INR 32.15 bln 
--Analysts saw L&T Oct-Dec consol net profit at INR 43.17 bln 
--L&T Oct-Dec consol revenue INR 714.50 bln 
--Analysts saw L&T Oct-Dec consol revenue at INR 746.96 bln 
--L&T Oct-Dec consol net profit INR 32.15 bln vs INR 33.59 bln year ago 
--L&T Oct-Dec consol revenue INR 714.50 bln vs INR 646.68 bln year ago 
--L&T Apr-Dec consol net profit INR 107.58 bln vs INR 95.40 bln year ago 
--L&T Apr-Dec consol revenue INR 2.03 tln vs INR 1.81 tln year ago 
--L&T Oct-Dec net profit includes one-time cost INR 17.91 bln  
--L&T Oct-Dec profit excluding exceptional cost is INR 50.06 bln
--L&T consol order book INR 7.33 tln as on Dec 31, up 30% on year
--L&T Oct-Dec consol order inflow INR 1.36 tln vs INR 1.16 tln year ago 
--L&T Apr-Dec international orders INR 1.91 tln, 50% of total order inflow 
--L&T Oct-Dec consol EBITDA INR 74.17 bln vs INR 62.55 bln year ago 
--L&T Oct-Dec consol EBITDA margin 10.4% vs 9.7% year ago 
--L&T Q3 infra project order inflow INR 618.76 bln vs INR 490.70 bln year ago  
--L&T infra project order book INR 4.25 tln on Dec 31, overseas share 45% 
--L&T Q3 infra project revenue INR 337.00 bln vs INR 321.34 bln year ago 
--L&T Oct-Dec infra project EBITDA margin 6.1% vs 5.5% year ago 
--L&T Oct-Dec energy project order inflow INR 460.49 bln vs INR 388.04 bln 
--L&T Oct-Dec energy project revenue INR 127.26 bln vs INR 110.47 bln yr ago 
--L&T Oct-Dec energy project EBITDA margin 5.9% vs 8.3% year ago 
--L&T Oct-Dec IT, tech svcs revenue INR 135.26 bln vs INR 120.61 bln year ago 
--L&T Oct-Dec IT, tech svcs EBITDA margin 19.7% vs 18.7% year ago 
--L&T Q3 one-time cost INR 17.91 bln on implmentation of new labour code

 

By Astha Oriel and Afra Abubacker

 

MUMBAI – Engineering giant Larsen & Toubro Ltd.'s bottom line for the December quarter declined on year for the first time in 16 quarters. This was primarily due to the one-time cost the company incurred owing to implementation of the new labour codes. If not for this, the net profit would have risen on year and beaten analysts' consensus estimate. The company's top line for the quarter under review also fell short of analysts' estimates. 

 

The company's net profit for the December quarter was INR 32.15 billion, down nearly 4% on year and more than 18% on quarter. A year ago, the company had reported a net profit of INR 33.59 billion. Analysts had estimated the company's net profit at INR 43.17 billion. The company incurred a one-time cost of INR 17.91 billion towards implementation of the new labour codes. Without this cost, its net profit would have been INR 50.06 billion, beating the Street view handily.

 

The company's net revenue for the December quarter was INR 714.50 billion, up nearly 11% on year and over 5% on quarter. Analysts had estimated the net revenue at INR 746.96 billion.

 

The company's consolidated earnings before interest, tax, depreciation, and amortisation for the reporting quarter rose to INR 74.17 billion from INR 62.55 billion a year ago. The EBITDA margin expanded to 10.4% from 9.7% a year ago.

 

The company said its consolidated order book was up 30% on year at INR 7.33 trillion as of Dec. 31. During the December quarter, the order inflow increased from a year ago to INR 1.36 trillion. For the nine months ended December, the company's overseas orders were at INR 1.91 trillion, accounting for 50% of the total inflow in the period. The company sees a strong prospective order pipeline of INR 5.9 trillion in the near term.

 

In the infrastructure segment, order inflows rose to INR 618.76 billion in the reporting quarter from INR 490.70 billion a year ago, lifting the segment's total order book to INR 4.25 trillion as of Dec. 31, with overseas projects accounting for 45%.

 

The infrastructure segment's revenue for the December quarter rose to INR 337.00 billion from INR 321.34 billion a year ago. "Revenue growth reflects strong Middle East execution momentum, tempered by subdued progress in domestic water projects," the company said in its investor presentation. The infrastructure segment's EBITDA margin expanded to 6.1% from 5.5% a year ago, driven by improved execution efficiency. The company expects a prospective order pipeline of INR 4 trillion in the segment in the near term.

 

Order inflows for energy projects rose to INR 460.49 billion in the reporting quarter from INR 388.04 billion a year ago. Revenue of the company's energy projects segement for the December quarter increased to INR 127.26 billion from INR 110.47 billion a year ago. However, the segment's EBITDA margin declined to 5.9% from 8.3% a year ago.

 

The margin in the hydrocarbons business was subdued primarily because of cost overruns in certain competitively priced projects that were nearing completion. The revenue from the company's information technology and other technology services vertical rose to INR 135.26 billion for the December quarter from INR 120.61 billion a year ago, with the EBITDA margin for the segment improving to 19.7% from 18.7%.

Larsen & Toubro announced its December quarter earnings after market hours Wednesday. The company's shares closed slightly higher at INR 3,794 on the National Stock Exchange.  End

 

Edited by Rajeev Pai

 

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