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Larsen & Toubro

₹3457.8 -45.9 | 1.3%

Market Cap ₹475486 Cr.

Stock P/E 30.5

P/B 5.3

Current Price ₹3457.8

Book Value ₹ 648.9

Face Value 2

52W High ₹3963

Dividend Yield 0.98%

52W Low ₹ 3175.5

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.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 35853 42763 46390 58335 47882 51024 55128 67079 55120 61555
Other Income 695 739 755 741 1146 1133 838 1042 921 1101
Total Income 36548 43501 47145 59076 49028 52157 55966 68120 56040 62656
Total Expenditure 30443 36400 39736 49981 41566 43984 47929 58426 48074 53638
Operating Profit 6105 7101 7409 9095 7462 8173 8036 9695 7966 9018
Interest 2212 2304 2383 2334 2299 2272 2344 2345 2292 2439
Depreciation 963 860 825 854 830 910 921 1021 998 1024
Exceptional Income / Expenses 0 0 136 0 0 0 0 94 0 0
Profit Before Tax 2929 3937 4336 5907 4332 4991 4772 6422 4677 5555
Provision for Tax 636 1117 1271 1461 1216 1136 1177 1418 1237 1442
Profit After Tax 2293 2819 3066 4447 3116 3856 3595 5004 3440 4113
Adjustments -591 -590 -513 -460 -623 -633 -647 -607 -654 -718
Profit After Adjustments 1702 2229 2553 3987 2493 3223 2947 4396 2786 3395
Adjusted Earnings Per Share 12.1 15.9 18.2 28.4 17.7 23.4 21.4 32 20.3 24.7

Larsen & Toubro Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 85128 92005 101122 109312 119683 135220 145452 135979 156521 183341 221113 238882
Other Income 1040 1103 920 1492 4807 3909 4946 6128 6972 5822 5904 3902
Total Income 86169 93107 102042 110804 124490 139129 150398 142107 163493 189162 227017 242782
Total Expenditure 71101 76349 85432 92651 103128 114218 123235 114907 136595 158937 193089 208067
Operating Profit 15068 16758 16611 18153 21362 24911 27163 27200 26898 30225 33928 34715
Interest 6494 7266 6899 7017 7917 9547 11269 12060 9552 9750 9822 9420
Depreciation 1446 2623 1787 2370 1929 1923 2462 2904 2948 3502 3682 3964
Exceptional Income / Expenses 355 348 94 121 123 295 0 -3556 97 136 94 94
Profit Before Tax 7483 7217 8020 8887 11639 13735 13431 8680 14495 17109 20517 21426
Provision for Tax 2608 2253 2437 2007 3199 4067 3263 4011 4204 4484 4947 5274
Profit After Tax 4875 4964 5583 6881 8440 9668 10168 4669 10291 12625 15570 16152
Adjustments 27 -199 -1350 -840 -1070 -763 -619 6914 -1622 -2154 -2511 -2626
Profit After Adjustments 4902 4765 4233 6041 7370 8905 9549 11583 8669 10471 13059 13524
Adjusted Earnings Per Share 35.3 34.2 30.3 43.2 52.6 63.5 68 82.5 61.7 74.5 95 98.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 21% 18% 10% 10%
Operating Profit CAGR 12% 8% 6% 8%
PAT CAGR 23% 49% 10% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -4% 22% 21% 12%
ROE Average 18% 15% 14% 14%
ROCE Average 15% 13% 12% 12%

Larsen & Toubro Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 37712 40909 44180 50217 54904 62375 66723 75869 82408 89326 86359
Minority's Interest 3179 4999 2893 3564 5201 6826 9521 12052 12966 14241 16190
Borrowings 58412 68469 61224 67341 72915 74121 82331 82120 61618 61218 56507
Other Non-Current Liabilities 1864 2092 11 -200 -1172 -2196 989 1129 795 -483 106
Total Current Liabilities 70190 79097 85033 88030 107812 133799 142745 137405 159361 162066 176601
Total Liabilities 171357 195565 193354 210445 241123 274928 304294 308577 317227 326368 335764
Fixed Assets 32397 34738 14176 13064 14234 16939 39939 40673 38982 39281 40772
Other Non-Current Assets 51026 64656 71726 75540 85258 91198 81665 72937 70042 64882 76911
Total Current Assets 87595 95835 105873 120192 140118 166784 178323 194961 207372 221216 217075
Total Assets 171357 195565 193354 210445 241123 274928 304294 308577 317227 326368 335764

Larsen & Toubro Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 3604 4087 4403 3790 3545 6799 6460 11325 13374 13770 16927
Cash Flow from Operating Activities -7143 -1365 -3240 6655 -10031 -4756 6694 23074 19164 22777 18266
Cash Flow from Investing Activities -5510 -4778 -4627 -9796 3915 -11023 -8256 -5659 -3668 -8312 2163
Cash Flow from Financing Activities 13136 7903 7253 2896 9370 15440 6372 -15274 -15181 -11572 -25413
Net Cash Inflow / Outflow 483 1759 -613 -245 3254 -338 4809 2141 314 2893 -4984
Closing Cash & Cash Equivalent 4087 5846 3790 3545 6799 6460 11118 13374 13770 16927 11959

Larsen & Toubro Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 35.26 34.17 30.29 43.17 52.59 63.48 68.02 82.47 61.7 74.5 95
CEPS(Rs) 45.46 54.41 52.74 66.1 73.99 82.63 89.96 53.92 94.22 114.74 140.05
DPS(Rs) 14.25 10.83 18.25 21 16 18 18 36 22 24 34
Book NAV/Share(Rs) 267.68 290.4 314.18 356.67 389.53 442.26 472.41 537.43 583.87 632.22 624.22
Core EBITDA Margin(%) 16.33 16.88 15.39 15.14 13.81 15.53 15.27 15.5 12.73 13.31 12.67
EBIT Margin(%) 16.27 15.61 14.63 14.46 16.32 17.22 16.98 15.25 15.36 14.65 13.72
Pre Tax Margin(%) 8.71 7.78 7.86 8.08 9.71 10.16 9.23 6.38 9.26 9.33 9.28
PAT Margin (%) 5.68 5.35 5.47 6.25 7.04 7.15 6.99 3.43 6.57 6.89 7.04
Cash Profit Margin (%) 7.36 8.18 7.23 8.41 8.65 8.57 8.68 5.57 8.46 8.8 8.71
ROA(%) 3.08 2.71 2.87 3.41 3.74 3.75 3.51 1.52 3.29 3.92 4.7
ROE(%) 13.83 12.78 13.23 14.67 16.15 16.58 15.84 6.58 13.07 14.78 17.83
ROCE(%) 12.6 11.32 11.19 11.5 12.76 13.29 12.49 9.97 11.61 12.98 14.86
Receivable days 104.96 111.11 100.42 90.77 94.1 94.43 97.34 111.34 103.04 90.45 77.17
Inventory Days 22.73 23.68 20.34 14.92 13.68 15.2 15.26 15.52 13.72 12.71 11.1
Payable days 235.71 253.77 259.29 278.83 309.73 314.81 330.4 388.71 355.3 306.46 246.15
PER(x) 24.06 33.54 26.76 24.36 24.95 21.8 11.86 17.2 28.65 29.06 39.73
Price/Book(x) 3.17 3.95 2.58 2.95 3.37 3.13 1.71 2.64 3.03 3.42 6.05
Dividend Yield(%) 1.12 0.95 1.5 1.33 1.22 1.3 2.23 2.54 1.24 1.11 0.9
EV/Net Sales(x) 2.32 2.69 1.94 2.16 2.37 2.28 1.64 2.32 2.25 2.18 2.79
EV/Core EBITDA(x) 13.12 14.78 11.8 12.99 13.26 12.36 8.8 11.6 13.12 13.24 18.2
Net Sales Growth(%) 14.27 8.08 9.91 8.1 9.49 12.98 7.57 -6.51 15.11 17.13 20.6
EBIT Growth(%) 13.82 3.62 3.01 6.61 22.96 19.06 6.09 -16.04 15.95 11.69 12.96
PAT Growth(%) -7.18 1.82 12.46 23.25 22.66 14.55 5.17 -54.08 120.41 22.68 23.33
EPS Growth(%) -6.22 -3.08 -11.35 42.5 21.82 20.71 7.14 21.24 -25.18 20.74 27.52
Debt/Equity(x) 2.25 2.31 2.01 1.88 1.97 2.02 2.13 1.76 1.51 1.33 1.33
Current Ratio(x) 1.25 1.21 1.25 1.37 1.3 1.25 1.25 1.42 1.3 1.37 1.23
Quick Ratio(x) 1.17 1.13 1.19 1.32 1.25 1.2 1.21 1.38 1.26 1.32 1.19
Interest Cover(x) 2.15 1.99 2.16 2.27 2.47 2.44 2.19 1.72 2.52 2.75 3.09
Total Debt/Mcap(x) 0.71 0.59 0.78 0.64 0.58 0.65 1.24 0.67 0.5 0.39 0.22

Larsen & Toubro Shareholding Pattern

# Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Promoter 0 0 0 0 0 0 0 0 0 0
FII 21.77 22.94 24.12 24.94 25.34 25.11 23.99 22.51 21.39 20.54
DII 40.24 39.53 38.43 37.82 36.98 37.13 37.82 38.63 40.19 41.36
Public 36.69 36.22 36.19 36.02 36.43 36.46 36.81 37.5 37.12 36.9
Others 1.29 1.32 1.26 1.22 1.25 1.3 1.37 1.36 1.29 1.21
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 306.46 to 246.15days.
  • Company has reduced debt.

Cons

  • Promoter holding is low: 0%.
  • Stock is trading at 5.3 times its book value.
  • The company has delivered a poor profit growth of 9% 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.

Larsen & Toubro News

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