Larsen & Toubro Infotech Ltd

About

Larsen & Toubro Infotech offers extensive range of IT services like application development, maintenance and outsourcing, enterprise solutions, infrastructure management services, testing, digital solutions and platform-based solutions to the clients i(Source : 202003 Annual Report Page No: 114)

  • Market Cap 106,837 Cr.
  • Current Price 6,099
  • High / Low 6,498 / 2,827
  • Stock P/E 53.0
  • Book Value 417
  • Dividend Yield 0.66 %
  • ROCE 37.0 %
  • ROE 30.5 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 18.23% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.31%
  • Company has been maintaining a healthy dividend payout of 33.45%

Cons

  • Stock is trading at 14.63 times its book value
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,331 2,473 2,486 2,485 2,571 2,811 3,012 2,949 2,998 3,153 3,269 3,462
1,852 1,964 2,009 2,027 2,105 2,283 2,434 2,357 2,313 2,421 2,554 2,815
Operating Profit 479 509 477 458 466 528 578 592 686 732 716 648
OPM % 21% 21% 19% 18% 18% 19% 19% 20% 23% 23% 22% 19%
Other Income 97 31 67 101 94 64 70 66 37 69 103 122
Interest 2 2 3 20 20 21 22 21 19 20 19 18
Depreciation 37 36 37 61 66 71 75 78 90 82 83 80
Profit before tax 537 502 504 478 473 500 551 559 613 699 717 672
Tax % 25% 25% 25% 26% 24% 25% 22% 26% 25% 26% 24% 26%
Net Profit 400 376 379 356 360 377 427 417 456 519 545 496
EPS in Rs 23.12 21.65 21.84 20.50 20.70 21.68 24.51 23.92 26.10 29.70 31.20 28.39

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 TTM
3,182 3,851 4,920 4,978 5,846 6,501 7,306 9,446 10,879 12,370 12,883
2,493 2,981 3,773 3,973 4,819 5,271 6,119 7,562 8,849 9,645 10,102
Operating Profit 689 870 1,147 1,005 1,028 1,230 1,187 1,883 2,029 2,725 2,781
OPM % 22% 23% 23% 20% 18% 19% 16% 20% 19% 22% 22%
Other Income 10 22 217 99 187 187 426 302 329 274 330
Interest 34 21 31 10 6 3 16 11 83 79 76
Depreciation 105 123 130 158 174 178 156 147 273 332 334
Profit before tax 560 749 1,204 936 1,035 1,236 1,442 2,028 2,003 2,588 2,701
Tax % 25% 25% 17% 18% 19% 21% 23% 25% 24% 25%
Net Profit 419 562 996 769 836 971 1,112 1,516 1,520 1,936 2,016
EPS in Rs 130.03 174.14 308.96 238.30 49.25 56.91 64.65 87.37 87.30 110.79 115.39
Dividend Payout % 61% 54% 55% 63% 72% 29% 33% 32% 32% 36%
Compounded Sales Growth
10 Years:%
5 Years:16%
3 Years:19%
TTM:14%
Compounded Profit Growth
10 Years:%
5 Years:18%
3 Years:20%
TTM:28%
Stock Price CAGR
10 Years:%
5 Years:58%
3 Years:49%
1 Year:98%
Return on Equity
10 Years:%
5 Years:32%
3 Years:31%
Last Year:30%

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
16 16 16 16 17 17 17 17 17 18
Reserves 1,089 1,323 1,594 2,010 2,108 3,127 3,843 4,876 5,387 7,286
Borrowings 269 234 110 218 55 0 0 0 912 798
715 756 945 734 958 1,273 1,477 1,770 2,499 2,604
Total Liabilities 2,089 2,328 2,666 2,978 3,137 4,417 5,337 6,664 8,815 10,706
632 699 649 683 638 542 681 930 1,920 1,906
CWIP 108 142 57 25 20 1 7 12 59 66
Investments 59 49 169 104 43 941 1,264 1,740 2,219 3,730
1,290 1,438 1,791 2,166 2,437 2,934 3,385 3,982 4,617 5,004
Total Assets 2,089 2,328 2,666 2,978 3,137 4,417 5,337 6,664 8,815 10,706

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
336 608 628 642 858 1,170 844 1,395 1,644 2,400
-97 -224 180 -103 -40 -961 -452 -749 -643 -1,657
-253 -396 -769 -497 -817 -33 -408 -594 -890 -509
Net Cash Flow -14 -13 40 42 2 176 -16 52 110 234

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
Debtor Days 79 70 69 80 73 66 70 71 78 61
Inventory Days
Days Payable
Cash Conversion Cycle 79 70 69 80 73 66 70 71 78 61
Working Capital Days 60 50 42 79 52 43 60 53 47 38
ROCE % 52% 75% 48% 47% 46% 42% 47% 37% 37%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.84 74.80 74.79 74.62 74.58 74.53 74.51 74.36 74.31 74.27 74.25 74.09
7.84 7.71 8.03 7.70 9.11 9.46 9.76 11.21 13.29 13.55 13.07 13.25
7.38 7.12 6.87 8.16 7.16 7.19 7.27 6.41 4.59 4.29 4.77 4.72
9.94 10.37 10.31 9.52 9.15 8.81 8.46 8.02 7.81 7.89 7.91 7.94

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