L&T Announces Quarterly Results (4QFY20); Net Profit Down 16.2%

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L&T Announces Quarterly Results (4QFY20); Net Profit Down 16.2%
Mon, 8 Jun

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

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-19*
3
Dec-19*
3
Mar-20*
QoQ ChangeYoY Change
Net SalesRs m449,340362,427442,45322.1%-1.5%
Other incomeRs m6,2134,7496,60539.1%6.3%
TurnoverRs m455,553367,176449,05822.3%-1.4%
ExpensesRs m393,349321,250391,24221.8%-0.5%
Gross profitRs m55,99141,17751,21024.4%-8.5%
DepreciationRs m4,7476,6027,1097.7%49.8%
InterestRs m5,0717,0928,20815.7%61.9%
Profit before taxRs m52,38632,23242,49731.8%-18.9%
TaxRs m13,2257,1109,66335.9%-26.9%
Profit after taxRs m39,16125,12232,83530.7%-16.2%
Gross profit margin%12.511.411.6
Effective tax rate%25.222.122.7
Net profit margin%8.66.87.3
* 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 1.5% on a year-on-year (YoY) basis. The expenses were down by 0.5% YoY during the same period.
  • The company's operating profit declined by 8.5% YoY during the quarter. Consequently, operating profit margins remained same and stood at 11.6% in 4QFY20.
  • Depreciation charges increased by 49.8% and finance costs increased by 61.9% YoY, respectively.
  • Other income increased by 6.3% YoY during the quarter.
  • Net profit for the quarter declined by 16.2% YoY. Net profit margins during the quarter declined from 8.6% in 4QFY19 to 7.3% in 4QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 22.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 21.8% QoQ during the same period.
  • The company's operating profit increased by 24.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 11.6% in 4QFY20 as against 11.4% in 3QFY19.
  • Net profit for the quarter increased by 30.7% QoQ, while net profit margins increased from 6.8% in 3QFY19 to 7.3% in 4QFY20.

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 1,513.3 to Rs 965.5, registering a Loss of Rs 547.8 or around 36.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 13,066.1 (up 1.3%). Over the last one year it has moved down from 19,552.8 to 13,066.1, a loss of 6,487 points (down 33.2%).

Overall, the S&P BSE SENSEX is down 12.0% over the year.

Current Valuations

At the current price of Rs 965.5, the price to earnings (P/E) ratio of L&T stands at 13.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.2 times.

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