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L&T: E&C division supports growth - Views on News from Equitymaster
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L&T: E&C division supports growth
May 15, 2012

Larsen & Toubro (L&T) has announced the fourth quarter and full year results of financial year 2011-2012. The company has reported 21.0% YoY and 13.9% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Performance summary
  • Standalone net sales grow by 21.0% YoY during 4QFY12. Revenue growth was driven by 23.4% YoY growth in the Engineering & Construction (E&C) business well supported by 14.3% YoY growth in the Electricals & Electronics (E&E) business.
  • Operating profits increase 9.3% YoY in 4QFY12. However, operating margins decline 150 bps to 13.9% during the quarter.
  • Net profits increase by 13.9% YoY during the quarter. However, after adjusting for exceptional items, the recurring profits grew by 27.8% YoY. The exceptional item pertains to gain on sale in a subsidiary company.
  • The company registered an order inflow of Rs 706 bn during the year, a decline of 12% YoY. The total order book at the end of the year stood at Rs 1.5 trillion.
  • Out of the order inflow of Rs 706 bn during the year, roughly 48% was from the infrastructure sector and 21% was from the power sector. Hydrocarbons and process segments' share in the order inflow stood at 11% each.
  • The current order book breakdown is as follows: 43% of the orders belong to Infrastructure sector, 28% to power, 10% to hydrocarbons, 15% to process and rest amongst others.
  • The company recommended a dividend of Rs 16.5 per share in FY12
  • The standalone long term debt to equity ratio of the company stood at 0.2x

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