Larsen & Toubro (LT) — concall transcript

📢 Key Event
L&T reported Q4 FY24 results with 15% YoY revenue growth to Rs.671 billion and a record Rs.4.76 trillion order book.

🔄 What Changed
Revenue grew 15% YoY to Rs.671 billion; order book reached Rs.4.76 trillion (+20% YoY); NWC-to-revenue improved 460 bps to 12%; EBITDA margin declined 90 bps to 10.8% due to higher SG&A and credit costs.

🔮 What's Next
FY'25 targets: 10% order inflow growth, 15% revenue growth, and ~8.25% margin for Projects & Manufacturing; working capital to normalize to 12-15% of revenue; Hyderabad Metro monetization expected in 18-24 months; thermal asset divestment remains viable at the right price.

💡 Investor Takeaway
L&T's strong order book and revenue growth signal robust execution, but margin pressure and international order decline require monitoring for sustainable shareholder value creation.

L&T reported robust Q4 FY24 results with 15% YoY revenue growth to Rs.671 billion and a record Rs.4.76 trillion order book, driven by Infrastructure and Hydrocarbons. Management highlighted strategic progress including Rs.3 trillion group order inflows, landmark project completions, green energy milestones, and semiconductor entry. FY'25 guidance targets 10% order inflow growth and 15% revenue growth, with margin expectations of ~8.25% for Projects & Manufacturing. Working capital improved significantly, and the company reaffirmed its BBB+ credit rating. Strategic focus remains on executing FY'26 vision with Rs.3.4 trillion order inflow and Rs.2.7 trillion revenue targets, supported by Capex tailwinds in India and GCC regions.

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About Larsen & Toubro Ltd (LT)

Construction · Infrastructure Developers & Operators · Listed on BSE

Market Cap: ₹5,48,799.01 Cr P/E: 33.1 ROE: 18.1% ROCE: 17.8% Div Yield: 0.95%

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🔥 Also filed on 31 March 2024

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Larsen & Toubro Ltd (LT) — concall transcript | 31 March 2024

About Larsen & Toubro Ltd (LT)

📡 Get AI alerts when LT files next

💡 Ask AI about this filing

📊 More LT filings

🔥 Also filed on 31 March 2024