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Dolat Capital Report
Larsen and Toubro Ltd.'s revenues grew 38% y-o-y, however came in 6%/2% below than our/ consensus estimates as project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptions.
Ebitda increased by 96% y-o-y (down 8%/down 7% versus our/consensus estimate) with margin expansion of 319 basis points y-o-y, as rising input cost was offset by better job mix and higher recovery of overheads.
Meanwhile, the Larsen and Toubro registered an order inflow of Rs 266 billion, up by 13% y-o-y.
Though adjusted profit after tax was up by 9.8 times y-o-y, it was 32%/22% below our/ consensus estimate mainly due to the higher tax rate (~32%), higher depreciation caused by metro capitalisation and lower other income.
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