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Larsen & Toubro (L&T) has announced the fourth quarter results of financial year 2015-2016 (4QFY16). The company has reported 18.5% YoY growth in sales while net profits have grown 18.6% YoY. Here is our analysis of the results.
| (Rs m) | 4QFY15 | 4QFY16 | Change | FY15 | FY16 | Change |
|---|---|---|---|---|---|---|
| Sales | 276,871 | 328,122 | 18.5% | 895,897 | 1,013,361 | 13.1% |
| Expenditure | 244,273 | 282,979 | 15.8% | 779,233 | 902,890 | 15.9% |
| Operating profit (EBDITA) | 32,598 | 45,144 | 38.5% | 116,664 | 110,471 | -5.3% |
| Operating profit margin (%) | 11.8% | 13.8% | 13.0% | 10.9% | ||
| Other income | 6,251 | 5,630 | -9.9% | 34,896 | 24,787 | -29.0% |
| Interest | 4,686 | 7,737 | 65.1% | 28,401 | 30,412 | 7.1% |
| Depreciation | 5,880 | 8,203 | 39.5% | 54,464 | 27,560 | -49.4% |
| Exceptional items | 984 | 485 | - | 3,477 | 3,581 | - |
| Profit before tax | 29,267 | 35,319 | 20.7% | 72,172 | 80,867 | 12.0% |
| Tax | 7,658 | 9,537 | 24.5% | 22,532 | 25,487 | 13.1% |
| Extraordinary items, net of tax | 0 | 0 | 0 | 0 | ||
| Profit after tax/(loss) | 21,609 | 25,782 | 19.3% | 49,640 | 55,380 | 11.6% |
| Net profit margin (%) | 7.8% | 7.9% | 5.5% | 5.5% | ||
| Share in profit of associates | -18 | -15 | 21 | -25 | ||
| Minority interest | 895 | 1,230 | 2,013 | 4,450 | ||
| Profit after share of associates & minority interest | 20,696 | 24,536 | 18.6% | 47,648 | 50,905 | 6.8% |
| No. of shares | 931.2 | |||||
| Basic reported earnings per share (Rs)* | 54.7 | |||||
| P/E ratio (x)* | 26.9 |
* On a trailing 12-months basis
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| DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
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