L&T Announces Quarterly Results (3QFY21); Net Profit Up 5.1%

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L&T Announces Quarterly Results (3QFY21); Net Profit Up 5.1%
Thu, 28 Jan

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

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m362,427310,347355,96414.7%-1.8%
Other incomeRs m4,7495,59010,64790.4%124.2%
TurnoverRs m367,176315,938366,61116.0%-0.2%
ExpensesRs m321,250277,000313,16513.1%-2.5%
Gross profitRs m41,177-5,83842,8003.9%
DepreciationRs m6,6027,1317,021-1.5%6.3%
InterestRs m7,09210,4259,620-7.7%35.7%
Profit before taxRs m32,232-17,80336,80514.2%
TaxRs m7,1104,89210,408112.8%46.4%
Profit after taxRs m25,122-22,69526,3985.1%
Gross profit margin%11.4-1.912.0
Effective tax rate%22.1-27.528.3
Net profit margin%6.8-7.27.2
* 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 1.8% on a year-on-year (YoY) basis. The expenses were down by 2.5% YoY during the same period.
  • The company's operating profit increased by 3.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 12.0% in 3QFY21 as against 11.4% in 3QFY20.
  • Depreciation charges increased by 6.3% and finance costs increased by 35.7% YoY, respectively.
  • Other income increased by 124.2% YoY during the quarter.
  • Net profit for the quarter increased by 5.1% YoY. Net profit margins during the quarter increased from 6.8% in 3QFY20 to 7.2% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 14.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 13.1% QoQ during the same period.
  • The company's operating profit declined by 833.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 12.0% in 3QFY21 as against 1.9% in 2QFY20.
  • Net profit for the quarter increased by 216.3% QoQ, while net profit margins increased from -7.2% in 2QFY20 to 7.2% in 3QFY21.

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 1,347.0 to Rs 1,351.9, registering a Gain of Rs 4.9 or around 0.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 19,899.9 (up 0.1%). Over the last one year it has moved up from 17,454.1 to 19,899.9, a gain of 2,446 points (up 14.0%).

Overall, the S&P BSE SENSEX is up 14.1% over the year.

Current Valuations

At the current price of Rs 1,351.9, the price to earnings (P/E) ratio of L&T stands at 44.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.8 times.

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