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L&T Announces Quarterly Results (4QFY19); Net Profit Up 13.4%

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L&T Announces Quarterly Results (4QFY19); Net Profit Up 13.4%
Mon, 13 May

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

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m406,781357,089449,34025.8%10.5%
Other incomeRs m4,3286,0646,2132.5%43.6%
TurnoverRs m411,109363,153455,55325.4%10.8%
ExpensesRs m352,876317,126393,34924.0%11.5%
Gross profitRs m53,90539,96355,99140.1%3.9%
DepreciationRs m4,9244,4904,7475.7%-3.6%
InterestRs m4,1815,3495,071-5.2%21.3%
Profit before taxRs m49,12836,18952,38644.8%6.6%
TaxRs m14,58012,00213,22510.2%-9.3%
Profit after taxRs m34,54824,18839,16161.9%13.4%
Gross profit margin%13.311.212.5
Effective tax rate%29.733.225.2
Net profit margin%8.46.78.6
* 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 10.5% on a year-on-year (YoY) basis. The expenses were up by 11.5% YoY during the same period.
  • The company's operating profit increased by 3.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.5% in 4QFY19 as against 13.3% in 4QFY18.
  • Depreciation charges declined by 3.6% and finance costs increased by 21.3% YoY, respectively.
  • Other income increased by 43.6% YoY during the quarter.
  • Net profit for the quarter increased by 13.4% YoY. Net profit margins during the quarter increased from 8.4% in 4QFY18 to 8.6% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 25.8% on a quarter-on-quarter (QoQ) basis. The expenses were up by 24.0% QoQ during the same period.
  • The company's operating profit increased by 40.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 12.5% in 4QFY19 as against 11.2% in 3QFY18.
  • Net profit for the quarter increased by 61.9% QoQ, while net profit margins increased from 6.7% in 3QFY18 to 8.6% in 4QFY19.

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 1,387.1 to Rs 1,326.0, registering a Loss of Rs 61.1 or around 4.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,464.6 (down 1.5%). Over the last one year it has moved down from 19,219.2 to 17,464.6, a gain of 1,755 points (down 9.1%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 1,326.0, the price to earnings (P/E) ratio of L&T stands at 18.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.3 times.

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