L&T Announces Quarterly Results (1QFY19); Net Profit Up 13.8%

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L&T Announces Quarterly Results (1QFY19); Net Profit Up 13.8%
Fri, 27 Jul

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

L&T Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Net SalesRs m239,898406,781282,835-30.5%17.9%
Other incomeRs m3,8494,3282,440-43.6%-36.6%
TurnoverRs m243,746411,109285,275-30.6%17.0%
ExpensesRs m219,330352,876253,702-28.1%15.7%
Gross profitRs m20,56853,90529,133-46.0%41.6%
DepreciationRs m5,5134,9246,44931.0%17.0%
InterestRs m3,6514,1813,648-12.8%-0.1%
Profit before taxRs m15,25349,12821,477-56.3%40.8%
TaxRs m4,59714,5809,346-35.9%103.3%
Profit after taxRs m10,65634,54812,131-64.9%13.8%
Gross profit margin%8.613.310.3
Effective tax rate%30.129.743.5
Net profit margin%4.48.44.3
* 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 grew 17.9% on a year-on-year (YoY) basis. The expenses were up by 15.7% YoY during the same period.
  • The company's operating profit increased by 41.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 10.3% in 1QFY19 as against 8.6% in 1QFY18.
  • Depreciation charges and finance costs increased by 17.0% YoY and 0.1% YoY, respectively.
  • Other income declined by 36.6% YoY during the quarter.
  • Net profit for the quarter increased by 13.8% YoY. Net profit margins during the quarter declined from 4.4% in 1QFY18 to 4.3% in 1QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 30.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 28.1% QoQ during the same period.
  • The company's operating profit declined by 46.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.3% in 1QFY19 as against 13.3% in 4QFY18.
  • Net profit for the quarter declined by 64.9% QoQ, while net profit margins declined from 8.4% in 4QFY18 to 4.3% in 1QFY19.

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 1,182.3 to Rs 1,314.5, registering a Gain of Rs 132.2 or around 11.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,180.1 (up 0.7%). Over the last one year it has moved up from 17,833.4 to 18,180.1, a gain of 347 points (up 1.9%).

Overall, the S&P BSE SENSEX is up 0.8% over the year.

Current Valuations

At the current price of Rs 1,314.5, the price to earnings (P/E) ratio of L&T stands at 21.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.7 times.

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