Larsen & Toubro Ltd

Larsen & Toubro Ltd

₹ 3,296 -1.80%
21 Feb 4:02 p.m.
About

Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.[1]

Key Points

Business segments
[1]

  • Market Cap 4,53,133 Cr.
  • Current Price 3,296
  • High / Low 3,739 / 2,082
  • Stock P/E 35.9
  • Book Value 570
  • Dividend Yield 0.71 %
  • ROCE 11.6 %
  • ROE 11.7 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 37.2%

Cons

  • Stock is trading at 5.85 times its book value
  • The company has delivered a poor sales growth of 8.90% over past five years.
  • Company has a low return on equity of 13.6% over last 3 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
35,596 48,088 29,335 34,773 39,563 52,851 35,853 42,763 46,390 58,335 47,882 51,024 55,128
29,531 40,007 26,163 30,778 33,581 44,892 30,443 36,400 39,736 49,981 41,566 43,984 47,929
Operating Profit 6,066 8,081 3,171 3,995 5,982 7,959 5,410 6,362 6,653 8,354 6,316 7,040 7,199
OPM % 17% 17% 11% 11% 15% 15% 15% 15% 14% 14% 13% 14% 13%
1,274 1,028 648 629 571 516 695 739 891 741 1,146 1,133 838
Interest 2,748 2,670 827 779 2,267 2,147 2,212 2,304 2,383 2,334 2,299 2,272 2,344
Depreciation 702 817 717 729 732 769 963 860 825 854 830 910 921
Profit before tax 3,890 5,623 2,275 3,116 3,554 5,558 2,929 3,937 4,336 5,907 4,332 4,991 4,772
Tax % 27% 37% 32% 28% 30% 28% 22% 28% 29% 25% 28% 23% 25%
2,858 3,696 1,532 2,232 2,517 4,138 2,228 2,785 3,058 4,459 3,096 3,846 3,593
EPS in Rs 17.57 23.44 8.36 12.95 14.63 25.77 12.11 15.86 18.17 28.37 17.74 23.45 21.44
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
64,255 74,426 85,054 91,929 101,122 109,312 119,683 135,220 145,452 135,979 156,521 183,341 212,369
53,578 63,032 70,968 76,245 85,637 92,691 99,572 112,354 120,899 112,519 132,207 156,349 183,460
Operating Profit 10,676 11,394 14,086 15,684 15,486 16,620 20,111 22,866 24,553 23,460 24,314 26,992 28,910
OPM % 17% 15% 17% 17% 15% 15% 17% 17% 17% 17% 16% 15% 14%
886 2,523 1,337 1,422 1,219 1,466 1,465 2,701 3,015 8,111 2,364 3,065 3,857
Interest 3,008 4,642 6,494 7,266 6,899 6,829 7,714 9,339 11,021 11,750 9,235 9,445 9,250
Depreciation 1,580 1,637 1,446 2,623 1,787 2,370 2,223 1,923 2,462 2,904 2,948 3,502 3,515
Profit before tax 6,974 7,638 7,483 7,217 8,020 8,887 11,639 14,305 14,086 16,918 14,495 17,109 20,003
Tax % 33% 31% 35% 31% 30% 23% 27% 28% 23% 24% 29% 26%
4,737 5,291 4,885 4,966 4,592 6,486 8,004 10,217 10,894 12,921 10,419 12,531 14,993
EPS in Rs 34.13 37.69 35.41 34.17 30.64 43.17 52.59 63.48 68.02 82.47 61.70 74.50 91.00
Dividend Payout % 21% 22% 27% 32% 40% 22% 30% 28% 26% 44% 36% 32%
Compounded Sales Growth
10 Years: 9%
5 Years: 9%
3 Years: 8%
TTM: 19%
Compounded Profit Growth
10 Years: 8%
5 Years: 3%
3 Years: 2%
TTM: 26%
Stock Price CAGR
10 Years: 17%
5 Years: 21%
3 Years: 31%
1 Year: 51%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 14%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 122 123 185 186 186 187 280 281 281 281 281 281 275
Reserves 29,264 33,737 37,526 40,723 43,994 50,030 54,623 62,094 66,442 75,588 82,127 89,045 78,137
Preference Capital 0 0 0 0 1,313 1,147 905 976 1,404 1,124 216 0
51,568 63,144 80,846 93,630 86,822 92,807 106,619 124,579 141,770 133,505 125,292 120,650 122,109
38,228 45,924 50,324 58,727 63,088 68,547 81,717 91,083 98,194 100,721 111,328 119,745 122,602
Total Liabilities 119,182 142,928 168,881 193,266 194,091 211,571 243,240 278,036 306,687 310,095 319,028 329,722 323,122
19,403 30,389 32,397 34,738 14,176 16,677 18,580 21,194 43,653 44,319 42,945 42,641 43,120
CWIP 14,913 11,351 14,179 14,993 10,974 13,298 13,443 13,919 3,311 500 1,250 3,066 2,739
Investments 8,789 8,768 8,109 9,612 15,465 19,753 15,311 20,907 20,047 39,627 39,395 44,798 40,845
76,076 92,421 114,197 133,923 153,475 161,843 195,905 222,016 239,675 225,649 235,438 239,217 236,418
Total Assets 119,182 142,928 168,881 193,266 194,091 211,571 243,240 278,036 306,687 310,095 319,028 329,722 323,122

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-6,227 -4,355 -7,143 -1,365 -3,240 6,655 -10,031 -4,756 6,694 23,074 19,164 22,777
-5,864 -6,922 -5,510 -4,778 -4,627 -9,796 3,914 -11,023 -8,408 -5,750 -3,585 -8,048
11,968 11,429 13,136 7,903 7,253 2,896 9,370 15,440 6,372 -15,274 -15,181 -11,572
Net Cash Flow -123 152 483 1,759 -613 -245 3,254 -338 4,658 2,049 397 3,156

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 117 113 113 119 94 96 101 99 102 113 108 89
Inventory Days 60 72 69 76 51 41 45 51 44 51 44 41
Days Payable 244 251 261 288 283 301 349 340 336 401 378 302
Cash Conversion Cycle -66 -66 -78 -92 -138 -164 -203 -190 -190 -236 -227 -172
Working Capital Days 73 92 88 78 98 98 104 99 114 103 72 67
ROCE % 13% 12% 12% 10% 11% 11% 14% 13% 12% 10% 10% 12%

Shareholding Pattern

Numbers in percentages

27 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
22.02% 22.88% 22.86% 23.24% 22.42% 21.09% 22.12% 23.29% 24.48% 25.29% 25.72% 25.50%
33.19% 32.75% 33.11% 32.71% 33.49% 34.61% 40.49% 39.76% 38.64% 38.01% 37.16% 37.34%
0.50% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23%
44.29% 44.14% 43.80% 43.82% 43.86% 44.07% 37.17% 36.70% 36.65% 36.47% 36.89% 36.93%
No. of Shareholders 13,71,53513,69,37913,46,45313,84,81814,92,12415,55,96614,78,38314,18,08614,25,06414,23,20214,07,11714,54,624

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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