L&T Announces Quarterly Results (3QFY19); Net Profit Up 35.2%

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L&T Announces Quarterly Results (3QFY19); Net Profit Up 35.2%
Mon, 28 Jan

L&T has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m287,475320,808357,08911.3%24.2%
Other incomeRs m2,1294,2536,06442.6%184.8%
TurnoverRs m289,604325,061363,15311.7%25.4%
ExpensesRs m256,035283,103317,12612.0%23.9%
Gross profitRs m31,30239,69139,9630.7%27.7%
DepreciationRs m4,5455,1554,490-12.9%-1.2%
InterestRs m3,6253,9935,34934.0%47.6%
Profit before taxRs m25,26234,79536,1894.0%43.3%
TaxRs m7,3728,86112,00235.4%62.8%
Profit after taxRs m17,88925,93424,188-6.7%35.2%
Gross profit margin%10.912.411.2
Effective tax rate%29.225.533.2
Net profit margin%6.28.06.7
* 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 24.2% on a year-on-year (YoY) basis. The expenses were up by 23.9% YoY during the same period.
  • The company's operating profit increased by 27.7% YoY during the quarter. Consequently, operating profit margins remained same and stood at 11.2% in 3QFY19.
  • Depreciation charges declined by 1.2% and finance costs increased by 47.6% YoY, respectively.
  • Other income increased by 184.8% YoY during the quarter.
  • Net profit for the quarter increased by 35.2% YoY. Net profit margins during the quarter increased from 6.2% in 3QFY18 to 6.7% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 11.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 12.0% QoQ during the same period.
  • The company's operating profit declined by 0.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.2% in 3QFY19 as against 12.4% in 2QFY18.
  • Net profit for the quarter declined by 6.7% QoQ, while net profit margins declined from 8.0% in 2QFY18 to 6.7% in 3QFY19.

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 1,413.0 to Rs 1,315.2, registering a Loss of Rs 97.8 or around 6.9%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,269.4 (up 0.6%). Over the last one year it has moved down from 20,634.8 to 17,269.4, a gain of 3,365 points (down 16.3%).

Overall, the S&P BSE SENSEX is down 0.6% over the year.

Current Valuations

At the current price of Rs 1,315.2, the price to earnings (P/E) ratio of L&T stands at 19.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.3 times.

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