Larsen & Toubro Ltd

About [ edit ]

Larsen & Toubro is engaged in core, high impact sectors of the economy and its integrated capabilities span the entire spectrum of design to deliver.L&T is major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. L&T addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and Defence - for customers in over 30 countries around the world.(Source : 202003 Annual Report Page No:358)

  • Market Cap 202,590 Cr.
  • Current Price 1,442
  • High / Low 1,593 / 661
  • Stock P/E 14.3
  • Book Value 515
  • Dividend Yield 1.25 %
  • ROCE 12.6 %
  • ROE 14.6 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 28.41%

Cons

  • Stock is trading at 2.80 times its book value
  • The company has delivered a poor sales growth of 9.61% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
40,678 27,005 30,678 34,234 43,303 29,636 35,328 36,243 44,245 21,260 31,035 35,596
33,689 22,592 25,349 28,506 36,058 24,489 29,283 30,121 37,189 17,536 25,715 29,531
Operating Profit 6,989 4,413 5,329 5,728 7,246 5,147 6,045 6,122 7,057 3,724 5,320 6,066
OPM % 17% 16% 17% 17% 17% 17% 17% 17% 16% 18% 17% 17%
Other Income 413 313 841 733 813 747 815 660 793 961 4,973 1,274
Interest 1,997 2,019 2,186 2,510 2,473 2,665 2,709 2,708 2,756 3,160 3,027 2,748
Depreciation 492 605 478 405 435 461 630 660 711 672 713 702
Profit before tax 4,913 2,103 3,507 3,545 5,151 2,767 3,522 3,415 4,382 853 6,552 3,890
Tax % 30% 42% 23% 32% 24% 29% 22% 21% 22% 24% 10% 27%
Net Profit 3,167 1,215 2,230 2,042 3,418 1,473 2,527 2,352 3,197 303 5,520 2,467
EPS in Rs 22.60 8.67 15.91 14.56 24.37 10.50 18.01 16.76 22.77 2.16 39.32 17.57
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
40,332 43,776 51,972 64,255 74,426 85,054 91,929 101,122 109,312 119,683 135,220 145,452 132,136
35,111 37,004 43,166 53,578 62,070 70,974 76,245 85,416 92,972 97,839 112,354 120,866 109,970
Operating Profit 5,220 6,772 8,806 10,676 12,356 14,080 15,684 15,706 16,339 21,844 22,866 24,586 22,166
OPM % 13% 15% 17% 17% 17% 17% 17% 16% 15% 18% 17% 17% 17%
Other Income 1,690 2,866 1,245 886 1,561 1,343 1,422 999 1,747 -268 2,701 2,982 8,000
Interest 1,245 1,520 1,931 3,008 4,642 6,494 7,266 6,899 6,829 7,714 9,339 11,021 11,691
Depreciation 536 639 1,319 1,580 1,637 1,446 2,623 1,787 2,370 2,223 1,923 2,462 2,798
Profit before tax 5,129 7,478 6,801 6,974 7,638 7,483 7,217 8,020 8,887 11,639 14,305 14,086 15,677
Tax % 28% 27% 34% 33% 31% 35% 31% 30% 23% 27% 28% 23%
Net Profit 3,790 5,452 4,464 4,702 5,219 4,923 4,765 4,281 6,041 7,370 8,905 9,549 11,487
EPS in Rs 28.76 40.24 32.58 34.13 37.69 35.41 34.17 30.64 43.17 52.59 63.48 68.02 81.82
Dividend Payout % 16% 14% 20% 21% 22% 27% 32% 40% 22% 30% 28% 26%
Compounded Sales Growth
10 Years:13%
5 Years:10%
3 Years:10%
TTM:-9%
Compounded Profit Growth
10 Years:10%
5 Years:18%
3 Years:17%
TTM:45%
Stock Price CAGR
10 Years:7%
5 Years:15%
3 Years:3%
1 Year:21%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:15%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
117 120 122 122 123 185 186 186 187 1,186 1,257 1,685 281
Reserves 13,871 20,521 24,929 29,264 33,737 37,526 40,723 43,994 49,877 54,466 61,941 66,442 72,047
Borrowings 20,370 24,607 37,216 51,568 63,144 80,846 93,630 88,135 93,954 106,619 124,579 141,770 148,790
20,718 24,902 32,447 38,228 45,924 50,324 58,727 61,775 67,553 81,874 91,236 98,194 88,940
Total Liabilities 55,076 70,152 94,713 119,182 142,928 168,881 193,266 194,091 211,571 243,240 278,036 306,687 310,057
9,412 12,361 15,624 19,403 30,389 32,397 34,738 14,176 16,677 18,580 21,194 43,653 43,441
CWIP 6,205 6,618 12,362 14,913 11,351 14,179 14,993 10,974 13,298 13,443 13,919 3,311 1,945
Investments 6,805 9,861 9,216 8,789 8,768 8,109 9,612 15,465 19,753 15,311 20,907 20,047 41,574
32,652 41,312 57,511 76,076 92,421 114,197 133,923 153,475 161,843 195,905 222,016 239,675 223,097
Total Assets 55,076 70,152 94,713 119,182 142,928 168,881 193,266 194,091 211,571 243,240 278,036 306,687 310,057

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
496 2,118 -1,616 -6,227 -4,355 -7,143 -1,365 -3,240 6,655 -10,031 -4,756 6,694
-5,077 -5,025 -5,929 -5,864 -6,922 -5,510 -4,778 -4,627 -9,796 3,914 -11,023 -8,408
4,479 4,770 7,868 11,968 11,429 13,136 7,903 7,253 2,896 9,370 15,440 6,372
Net Cash Flow -102 1,863 324 -123 152 483 1,759 -613 -245 3,254 -338 4,658

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 19% 17% 15% 14% 13% 12% 11% 11% 11% 14% 13% 13%
Debtor Days 104 104 99 117 113 113 119 94 96 101 99 102
Inventory Turnover 2.93 2.14 3.47 7.30 5.81 5.68 5.37 6.35 8.48 9.11 8.59 8.13

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
18.82 18.67 18.93 18.78 19.00 20.03 19.52 18.78 16.90 18.77 17.89 21.11
39.12 38.88 38.39 39.13 38.57 37.61 37.46 37.42 37.99 36.05 35.55 33.30
0.22 0.24 0.25 0.25 0.26 0.27 0.28 0.29 0.38 0.50 0.50 0.50
41.84 42.21 42.44 41.84 42.17 42.09 42.74 43.51 44.72 44.67 46.06 45.09

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