L&T Announces Quarterly Results (1QFY21); Net Profit Down 63.9%

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L&T Announces Quarterly Results (1QFY21); Net Profit Down 63.9%
Thu, 30 Jul

L&T has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m296,360442,453212,600-51.9%-28.3%
Other incomeRs m3,8446,6057,77417.7%102.2%
TurnoverRs m300,204449,058220,374-50.9%-26.6%
ExpensesRs m263,170391,242196,395-49.8%-25.4%
Gross profitRs m32,25451,21018,452-64.0%-42.8%
DepreciationRs m4,6157,1096,722-5.4%45.7%
InterestRs m5,8678,20810,55928.6%80.0%
Profit before taxRs m25,61742,4978,945-79.0%-65.1%
TaxRs m7,9489,6632,564-73.5%-67.7%
Profit after taxRs m17,66932,8356,380-80.6%-63.9%
Gross profit margin%10.911.68.7
Effective tax rate%31.022.728.7
Net profit margin%5.97.32.9
* 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 fell 28.3% on a year-on-year (YoY) basis. The expenses were down by 25.4% YoY during the same period.
  • The company's operating profit declined by 42.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.7% in 1QFY21 as against 10.9% in 1QFY20.
  • Depreciation charges increased by 45.7% and finance costs increased by 80.0% YoY, respectively.
  • Other income increased by 102.2% YoY during the quarter.
  • Net profit for the quarter declined by 63.9% YoY. Net profit margins during the quarter declined from 5.9% in 1QFY20 to 2.9% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 51.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 49.8% QoQ during the same period.
  • The company's operating profit declined by 64.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.7% in 1QFY21 as against 11.6% in 4QFY20.
  • Net profit for the quarter declined by 80.6% QoQ, while net profit margins declined from 7.3% in 4QFY20 to 2.9% in 1QFY21.

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

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L&T Share Price Performance

Over the last one year,L&T share price has moved down from Rs 1,376.5 to Rs 922.3, registering a Loss of Rs 454.2 or around 33.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 12,826.4 (up 0.0%). Over the last one year it has moved down from 17,427.5 to 12,826.4, a loss of 4,601 points (down 26.4%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

Current Valuations

At the current price of Rs 922.3, the price to earnings (P/E) ratio of L&T stands at 14.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.1 times.

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