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L&T: Robust growth in order inflows

Jan 24, 2013

Larsen & Toubro (L&T) has announced the third quarter results of financial year 2012-2013 (3QFY13). The company has reported 10.3% YoY and 13.1% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Performance summary
  • Standalone net sales grow by 10.3% YoY during 3QFY13. Revenue growth was driven by 10.8% YoY growth in the Engineering & Construction (E&C) business.
  • Operating profits increase 7.8% YoY in 3QFY13. However, operating margins remained flat at 9.6% during the quarter.
  • Net profits increase by 13.1% YoY during the quarter. Strong performance at the operating level and increase in other income by 25.2% YoY boosted bottomline growth.
  • The company registered an order inflow of Rs 195.4 bn during the quarter, a growth of 14% YoY. The total order book at the end of the quarter stood at Rs 1,623.3 bn. 87% of the orders come from the domestic markets while the balance from overseas markets, especially Middle East.
  • The company allotted 1.1 m equity shares during the quarter on account of exercise of stock options by its employees.
  • As of 31st December 2012, 49% of the order book belongs to the infrastructure sector, 26% to the power sector, 8% to the hydrocarbon sector and 13% to the process sector while the balance is from others.

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