Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> witnessed order inflow of INR 760bn (up 25% YoY) bolstering the order book to INR 4.7tn at the end of December 2023.</li>
<li>Margins continued to remain under pressure in 9MFY24 due to cost pressures in legacy jobs.</li>
<li>Strong project execution and healthy order book are expected to drive future growth with margins reviving after bottoming out.</li>
</ul>


In Q3FY24, Larsen &amp; Toubro (LT IN) witnessed order inflow of INR 760bn (up 25% YoY) bolstering the order book to INR 4.7tn at the end of December 2023.
Margins continued to remain under pressure in 9MFY24 due to cost pressures in legacy jobs.
Strong project execution and healthy order book are expected to drive future growth with margins reviving after bottoming out.


Larsen & Toubro (LT IN): Order Book Remains Robust Amidst Margin Concerns

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>L&amp;T wins contracts for key grid infrastructure in India, Saudi Arabia, UAE, advancing clean energy.</li>
<li>Airtel re-farms mid-band spectrum to boost 5G speeds and coverage, launching SA technology soon.</li>
<li>Adani Total Gas reports 20% profit rise, driven by higher CNG and PNG sales.</li>
</ul>


L&amp;T wins contracts for key grid infrastructure in India, Saudi Arabia, UAE, advancing clean energy.
Airtel re-farms mid-band spectrum to boost 5G speeds and coverage, launching SA technology soon.
Adani Total Gas reports 20% profit rise, driven by higher CNG and PNG sales.


# 37 India Insight: L&T Wins Contract, Airtel to Boost 5G, Adani Total Gas 20% Profit Rise

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%</li><li>P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25</li><li>Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q1FY25 Results Preview): All eyes on the budget

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.</li>
<li>Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. </li>
<li>Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.</li>
</ul>


In Real-time market (RTM) Power volumes surged by 20% in June, reflecting the need for immediate power delivery during sudden high-demand periods.
Indian Govt has extended the blending period of imported coal to Jun-24 to meet the rising demand. 
Rising Power demand will create a lot more opportunity across value chain including transformers, cables, smart meters etc.


Thematic Report- Indian Power at Peak: Value Chain Stocks

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)