L&T Announces Quarterly Results (2QFY20); Net Profit Down 3.2%

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L&T Announces Quarterly Results (2QFY20); Net Profit Down 3.2%
Fri, 1 Nov

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

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m320,808296,360353,28519.2%10.1%
Other incomeRs m4,2533,8445,96455.2%40.2%
TurnoverRs m325,061300,204359,24919.7%10.5%
ExpensesRs m283,103263,170313,06619.0%10.6%
Gross profitRs m39,69132,25440,21924.7%1.3%
DepreciationRs m5,1554,6156,29736.4%22.1%
InterestRs m3,9935,8676,85916.9%71.8%
Profit before taxRs m34,79525,61733,02828.9%-5.1%
TaxRs m8,8617,9487,911-0.5%-10.7%
Profit after taxRs m25,93417,66925,11642.1%-3.2%
Gross profit margin%12.410.911.4
Effective tax rate%25.531.024.0
Net profit margin%8.05.97.0
* 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 10.1% on a year-on-year (YoY) basis. The expenses were up by 10.6% YoY during the same period.
  • The company's operating profit increased by 1.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.4% in 2QFY20 as against 12.4% in 2QFY19.
  • Depreciation charges increased by 22.1% and finance costs increased by 71.8% YoY, respectively.
  • Other income increased by 40.2% YoY during the quarter.
  • Net profit for the quarter declined by 3.2% YoY. Net profit margins during the quarter declined from 8.0% in 2QFY19 to 7.0% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 19.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 19.0% QoQ during the same period.
  • The company's operating profit increased by 24.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 11.4% in 2QFY20 as against 10.9% in 1QFY19.
  • Net profit for the quarter increased by 42.1% QoQ, while net profit margins increased from 5.9% in 1QFY19 to 7.0% in 2QFY20.

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 up from Rs 1,332.8 to Rs 1,472.1, registering a Gain of Rs 139.3 or around 10.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,872.4 (up 0.3%). Over the last one year it has moved up from 17,896.9 to 18,872.4, a gain of 975 points (up 5.5%).

Overall, the S&P BSE SENSEX is up 16.6% over the year.

Current Valuations

At the current price of Rs 1,472.1, the price to earnings (P/E) ratio of L&T stands at 19.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.3 times.

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