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Larsen & Toubro

₹3256.6 -19.6 | 0.6%

Market Cap ₹447675 Cr.

Stock P/E 34.4

P/B 5.2

Current Price ₹3256.6

Book Value ₹ 628.2

Face Value 2

52W High ₹3859.7

Dividend Yield 1.04%

52W Low ₹ 2168.7

Larsen & Toubro Research see more...

Overview Inc. Year: 1946Industry: Engineering - Construction

Larsen & Toubro Limited is engaged in engineering, procurement and construction (EPC) projects offerings. It presents solar photo voltaic (PV) based power plant supporting customers save on the electricity bills and contribute to the reduction of GHG emissions from intake of oblique electricity. Its segments consist of Infrastructure, that is engaged in engineering and construction of buildings and factories, transportation infrastructure and heavy civil infrastructure; Power, which offers solution for totally coal-based and primarily gasoline-based thermal energy plants; Heavy Engineering, which manufactures and resources custom designed, engineered essential device and structures; Defense Engineering, that's engaged in designing, development, serial manufacturing and supporting of gadget, structures and structures of defense and aerospace sectors, and Other section includes communication tasks, marketing and servicing of construction and mining equipment and elements.

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Larsen & Toubro Share Price

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Larsen & Toubro Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 39563 52851 35853 42763 46390 58335 47882 51024 55128 67079
Other Income 571 516 695 739 755 741 1146 1133 838 1042
Total Income 40134 53366 36548 43501 47145 59076 49028 52157 55966 68120
Total Expenditure 33581 44892 30443 36400 39736 49981 41566 43984 47929 58426
Operating Profit 6554 8474 6105 7101 7409 9095 7462 8173 8036 9695
Interest 2267 2147 2212 2304 2383 2334 2299 2272 2344 2345
Depreciation 732 769 963 860 825 854 830 910 921 1021
Exceptional Income / Expenses 0 0 0 0 136 0 0 0 0 94
Profit Before Tax 3554 5558 2929 3937 4336 5907 4332 4991 4772 6422
Provision for Tax 1057 1551 636 1117 1271 1461 1216 1136 1177 1418
Profit After Tax 2497 4007 2293 2819 3066 4447 3116 3856 3595 5004
Adjustments -442 -386 -591 -590 -513 -460 -623 -633 -647 -607
Profit After Adjustments 2055 3621 1702 2229 2553 3987 2493 3223 2947 4396
Adjusted Earnings Per Share 14.6 25.8 12.1 15.9 18.2 28.4 17.7 23.4 21.4 32

Larsen & Toubro Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 74498 85128 92005 101122 109312 119683 135220 145452 135979 156521 183341 221113
Other Income 1258 1040 1103 920 1492 4807 3909 4946 6128 6972 5822 4159
Total Income 75756 86169 93107 102042 110804 124490 139129 150398 142107 163493 189162 225271
Total Expenditure 62253 71101 76349 85432 92651 103128 114218 123235 114907 136595 158937 191905
Operating Profit 13502 15068 16758 16611 18153 21362 24911 27163 27200 26898 30225 33366
Interest 4642 6494 7266 6899 7017 7917 9547 11269 12060 9552 9750 9260
Depreciation 1637 1446 2623 1787 2370 1929 1923 2462 2904 2948 3502 3682
Exceptional Income / Expenses 415 355 348 94 121 123 295 0 -3556 97 136 94
Profit Before Tax 7638 7483 7217 8020 8887 11639 13735 13431 8680 14495 17109 20517
Provision for Tax 2386 2608 2253 2437 2007 3199 4067 3263 4011 4204 4484 4947
Profit After Tax 5252 4875 4964 5583 6881 8440 9668 10168 4669 10291 12625 15571
Adjustments -47 27 -199 -1350 -840 -1070 -763 -619 6914 -1622 -2154 -2510
Profit After Adjustments 5206 4902 4765 4233 6041 7370 8905 9549 11583 8669 10471 13059
Adjusted Earnings Per Share 37.6 35.3 34.2 30.3 43.2 52.6 63.5 68 82.5 61.7 74.5 94.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 17% 8% 9% 9%
Operating Profit CAGR 12% 4% 7% 8%
PAT CAGR 23% 7% 8% 9%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 38% 33% 19% 13%
ROE Average 15% 11% 13% 14%
ROCE Average 13% 12% 12% 12%

Larsen & Toubro Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 33860 37712 40909 44180 50217 54904 62375 66723 75869 82408 89326
Minority's Interest 2653 3179 4999 2893 3564 5201 6826 9521 12052 12966 14241
Borrowings 50874 58412 68469 61224 67341 72915 74121 82331 82120 61618 61218
Other Non-Current Liabilities 1851 1864 2092 11 -200 -1172 -2196 989 1129 795 -483
Total Current Liabilities 55962 70190 79097 85033 88030 107812 133799 142745 137405 159361 162066
Total Liabilities 145199 171357 195565 193354 210445 241123 274928 304294 308577 317227 326368
Fixed Assets 30389 32397 34738 14176 13064 14234 16939 39939 40673 38982 39281
Other Non-Current Assets 36715 51026 64656 71726 75540 85258 91198 81665 72937 70042 64882
Total Current Assets 77763 87595 95835 105873 120192 140118 166784 178323 194961 207372 221216
Total Assets 145199 171357 195565 193354 210445 241123 274928 304294 308577 317227 326368

Larsen & Toubro Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 3451 3604 4087 4403 3790 3545 6799 6460 11325 13374 13770
Cash Flow from Operating Activities -4355 -7143 -1365 -3240 6655 -10031 -4756 6694 23074 19164 22777
Cash Flow from Investing Activities -6922 -5510 -4778 -4627 -9796 3915 -11023 -8256 -5659 -3668 -8312
Cash Flow from Financing Activities 11429 13136 7903 7253 2896 9370 15440 6372 -15274 -15181 -11572
Net Cash Inflow / Outflow 152 483 1759 -613 -245 3254 -338 4809 2141 314 2893
Closing Cash & Cash Equivalent 3604 4087 5846 3790 3545 6799 6460 11118 13374 13770 16927

Larsen & Toubro Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 37.6 35.26 34.17 30.29 43.17 52.59 63.48 68.02 82.47 61.7 74.5
CEPS(Rs) 49.76 45.46 54.41 52.74 66.1 73.99 82.63 89.96 53.92 94.22 114.74
DPS(Rs) 18.5 14.25 16.25 18.25 21 16 18 18 36 22 24
Book NAV/Share(Rs) 240.49 267.68 290.4 314.18 356.67 389.53 442.26 472.41 537.43 583.87 632.22
Core EBITDA Margin(%) 16.28 16.33 16.88 15.39 15.14 13.81 15.53 15.27 15.5 12.73 13.31
EBIT Margin(%) 16.33 16.27 15.61 14.63 14.46 16.32 17.22 16.98 15.25 15.36 14.65
Pre Tax Margin(%) 10.16 8.71 7.78 7.86 8.08 9.71 10.16 9.23 6.38 9.26 9.33
PAT Margin (%) 6.98 5.68 5.35 5.47 6.25 7.04 7.15 6.99 3.43 6.57 6.89
Cash Profit Margin (%) 9.16 7.36 8.18 7.23 8.41 8.65 8.57 8.68 5.57 8.46 8.8
ROA(%) 3.94 3.08 2.71 2.87 3.41 3.74 3.75 3.51 1.52 3.29 3.92
ROE(%) 16.92 13.83 12.78 13.23 14.67 16.15 16.58 15.84 6.58 13.07 14.78
ROCE(%) 13.55 12.6 11.32 11.19 11.5 12.76 13.29 12.49 9.97 11.61 12.98
Receivable days 105.97 104.96 111.11 100.42 90.77 94.1 94.43 97.34 111.34 103.04 90.45
Inventory Days 22.81 22.73 23.68 20.34 14.92 13.68 15.2 15.26 15.52 13.72 12.71
Payable days 241.17 235.71 253.76 259.29 278.83 309.73 314.81 330.4 388.71 355.3 305.59
PER(x) 16.14 24.06 33.54 26.76 24.36 24.95 21.8 11.86 17.2 28.65 29.06
Price/Book(x) 2.52 3.17 3.95 2.58 2.95 3.37 3.13 1.71 2.64 3.03 3.42
Dividend Yield(%) 1.36 1.12 0.95 1.5 1.33 1.22 1.3 2.23 2.54 1.24 1.11
EV/Net Sales(x) 1.97 2.32 2.69 1.94 2.16 2.37 2.28 1.64 2.32 2.25 2.18
EV/Core EBITDA(x) 10.89 13.12 14.78 11.8 12.99 13.26 12.36 8.8 11.6 13.12 13.24
Net Sales Growth(%) 15.84 14.27 8.08 9.91 8.1 9.49 12.98 7.57 -6.51 15.11 17.13
EBIT Growth(%) 23.03 13.82 3.62 3.01 6.61 22.96 19.06 6.09 -16.04 15.95 11.69
PAT Growth(%) 11.97 -7.18 1.82 12.46 23.25 22.66 14.55 5.17 -54.08 120.41 22.68
EPS Growth(%) 10.37 -6.22 -3.08 -11.35 42.5 21.82 20.71 7.14 21.24 -25.18 20.74
Debt/Equity(x) 2 2.25 2.31 2.01 1.88 1.97 2.02 2.13 1.76 1.51 1.33
Current Ratio(x) 1.39 1.25 1.21 1.25 1.37 1.3 1.25 1.25 1.42 1.3 1.36
Quick Ratio(x) 1.3 1.17 1.13 1.19 1.32 1.25 1.2 1.21 1.38 1.26 1.32
Interest Cover(x) 2.65 2.15 1.99 2.16 2.27 2.47 2.44 2.19 1.72 2.52 2.75
Total Debt/Mcap(x) 0.79 0.71 0.59 0.78 0.64 0.58 0.65 1.24 0.67 0.5 0.39

Larsen & Toubro Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 0 0 0 0 0 0 0 0 0 0
FII 22.93 22.13 20.81 21.77 22.94 24.12 24.94 25.34 25.11 23.99
DII 32.49 33.28 34.39 40.24 39.53 38.43 37.82 36.98 37.13 37.82
Public 43.23 43.3 43.49 36.69 36.22 36.19 36.02 36.43 36.46 36.81
Others 1.35 1.3 1.32 1.29 1.32 1.26 1.22 1.25 1.3 1.37
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 355.3 to 305.59days.
  • Company has reduced debt.

Cons

  • Promoter holding is low: 0%.
  • Company has a low return on equity of 11% over the last 3 years.
  • Stock is trading at 5.2 times its book value.
  • The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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