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

· BSE 🟡 Notable Neutral
By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings
📢 Key Event
L&T reported 21% YoY revenue growth to Rs 616 billion in Q2 FY25 with a 5.1 trillion rupee order book and 13% order inflow growth.
🔄 What Changed
Order book grew 13% YoY to Rs 5.1 trillion; Infrastructure segment order inflows surged 77% YoY; EBITDA margin improved by 20 basis points; PAT grew 5% YoY to Rs 34 billion excluding one-time gain; Net Working Capital to Revenue improved to 12.2% from 16.7% YoY; cash flow from operations more than doubled to Rs 77 billion.
🔮 What's Next
Order inflow guidance of Rs 3.3 lakh crore for FY25 with 20% growth expected in H2; Infrastructure order prospects total Rs 5.42 trillion with 57% from domestic markets; P&M margins expected to stay within 8.2%-8.25% guidance for FY25 with improvement anticipated in FY26; Hyderabad land monetization potential closures within 6 months pending approvals; 6.4 GW BTG bids secured across three locations with potential 4 GW execution; real estate order booking at Rs 8,000 crore with 10-year Rs 40,000 crore plan.
💡 Investor Takeaway
L&T's strong order book and margin discipline signal resilient infrastructure demand, but export margin pressure and state capex weakness require monitoring for sustainable growth.

L&T reported a 21% YoY revenue rise to Rs 616 billion in Q2 FY25, driven by 13% order inflow growth and a 5.1 trillion rupee order book, with Infrastructure contributing Rs 445 billion (28% growth). EBITDA margin stood at 10.3% after a 20 basis point expansion, while PAT grew 5% YoY to Rs 34 billion excluding a one-time gain. Net Working Capital to Revenue improved to 12.2% from 16.7% YoY, and cash flow from operations more than doubled to Rs 77 billion. The company highlighted strong international order concentration in the Middle East (85% of $2.05 trillion book), expansion of Renewable Energy and CarbonLite Solutions, and progress on data center projects including a 2 MW Panvel facility commissioned and 12 MW Chennai site nearing completion. Strategic moves include acquiring SiliConch Systems for semiconductors and advancing Hyderabad land monetization.

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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 30 September 2024

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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