Larsen & Toubro (LT) — concall transcript

📢 Key Event
L&T reported strong Q1 FY25 growth with order inflows up 8% to ₹709 crores and revenue rising 15% to ₹551 crores, driving PAT up 12% to ₹28 crores.

🔮 What's Next
Maintained 10% order inflow growth guidance for FY25; targeting 22-23% conversion rate from ₹9 trillion pipeline; reaffirmed Rs 4,000 crores capex guidance; expects margin expansion to continue through execution cost savings; domestic revenue growth expected to improve in Q2/H2; international revenue to ramp up evenly across quarters.

💡 Investor Takeaway
L&T's strong order growth and margin expansion signal robust execution, but near-term domestic softness and a 10% pipeline decline warrant monitoring of conversion rates and execution pace to sustain growth momentum.

L&T reported robust Q1 FY25 growth with order inflows up 8% to ₹709 crores and revenue rising 15% to ₹551 crores, driving PAT up 12% to ₹28 crores. EBITDA margins improved across segments, particularly in Infrastructure (5.8% to 7.6%), while working capital efficiency rose sharply (NWC/Revenue down 310 bps YoY to 13.9%). The order book expanded to ₹4,910 crores (+19% YoY), with 38% international exposure dominated by the Middle East. Despite a 10% decline in hydrocarbon pipeline prospects, management maintained a 10% order inflow growth guidance for FY25, targeting 22-23% conversion from the ₹9 trillion pipeline. Margin expansion is expected to continue through execution cost savings, though near-term domestic revenue growth may remain subdued due to election-related softness. The company reaffirmed its Rs 4,000 crores capex guidance and highlighted progress in green hydrogen, offshore wind, and nuclear projects, alongside an MSCI ESG upgrade to BBB.

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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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"How will L&T convert the reduced hydrocarbon pipeline prospects into actual orders to meet 10% growth guidance?" "What specific cost-saving measures drove Infrastructure segment margin improvement to 7.6%?" "When will the Rs 4,000 crores capex be deployed, and which projects are prioritized for funding?"

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🔥 Also filed on 30 June 2024

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Larsen & Toubro Ltd (LT) — concall transcript | 30 June 2024

About Larsen & Toubro Ltd (LT)

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📊 More LT filings

🔥 Also filed on 30 June 2024