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L&T: 'Interest'ing gains

Jan 29, 2003

L&T, the EPC and cement major, has announced robust 3QFY03 numbers. Topline growth at 21% seems largely led by spurt in cement despatches, while bottomline has grown by a significant 48% YoY. Growth at the net level was mainly on account of a 51% fall in interest expenses. Operating profits have however fallen in the December quarter.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 19,230 23,297 21.1% 55,298 65,359 18.2%
Other Income 348 420 20.5% 1,498 1,397 -6.7%
Expenditure 17,322 21,686 25.2% 49,786 60,935 22.4%
Operating Profit (EBDIT) 1,908 1,611 -15.6% 5,513 4,424 -19.7%
Operating Profit Margin (%) 9.9% 6.9%   10.0% 6.8%  
Interest 808 399 -50.6% 2,652 1,528 -42.4%
Depreciation 824 756 -8.2% 2,459 2,310 -6.0%
Profit before Tax 625 876 40.1% 1,900 1,983 4.4%
Extraordinary items - -   - -  
Tax 80 69 -13.9% 300 309 3.0%
Profit after Tax/(Loss) 545 807 48.0% 1,600 1,674 4.6%
Net profit margin (%) 2.8% 3.5%   2.9% 2.6%  
No. of Shares 249.0 249.0   249.0 249.0  
Diluted Earnings per share* 8.8 13.0   8.5 8.9  
P/E Ratio         21.5  
(* annualised)            

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