L&T Announces Quarterly Results (1QFY20); Net Profit Up 45.7%

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L&T Announces Quarterly Results (1QFY20); Net Profit Up 45.7%
Thu, 25 Jul

L&T has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m282,835449,340296,360-34.0%4.8%
Other incomeRs m2,4406,2133,844-38.1%57.5%
TurnoverRs m285,275455,553300,204-34.1%5.2%
ExpensesRs m253,702393,349263,170-33.1%3.7%
Gross profitRs m29,13355,99132,254-42.4%10.7%
DepreciationRs m6,4494,7474,615-2.8%-28.4%
InterestRs m3,6485,0715,86715.7%60.8%
Profit before taxRs m21,47752,38625,617-51.1%19.3%
TaxRs m9,34613,2257,948-39.9%-15.0%
Profit after taxRs m12,13139,16117,669-54.9%45.7%
Gross profit margin%10.312.510.9
Effective tax rate%43.525.231.0
Net profit margin%4.38.65.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 4.8% on a year-on-year (YoY) basis. The expenses were up by 3.7% YoY during the same period.
  • The company's operating profit increased by 10.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 10.9% in 1QFY20 as against 10.3% in 1QFY19.
  • Depreciation charges declined by 28.4% and finance costs increased by 60.8% YoY, respectively.
  • Other income increased by 57.5% YoY during the quarter.
  • Net profit for the quarter increased by 45.7% YoY. Net profit margins during the quarter increased from 4.3% in 1QFY19 to 5.9% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 34.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 33.1% QoQ during the same period.
  • The company's operating profit declined by 42.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.9% in 1QFY20 as against 12.5% in 4QFY19.
  • Net profit for the quarter declined by 54.9% QoQ, while net profit margins declined from 8.6% in 4QFY19 to 5.9% in 1QFY20.

To see how L&T has performed over the last eight quarters,please visit here.

L&T Share Price Performance

Over the last one year,L&T share price has moved up from Rs 1,320.1 to Rs 1,395.3, registering a Gain of Rs 75.2 or around 5.7%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,787.2 (up 0.5%). Over the last one year it has moved down from 18,130.0 to 17,787.2, a gain of 343 points (down 1.9%).

Overall, the S&P BSE SENSEX is up 3.4% over the year.

Current Valuations

At the current price of Rs 1,395.3, the price to earnings (P/E) ratio of L&T stands at 18.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.1 times.

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