The 38 reports from 14 analysts offering long term price targets
for Larsen & Toubro Ltd. have an average target of 1527.22. The consensus estimate
represents an upside of 17.48%
from the last price of 1300.00.
Larsen & Toubro Infotech's (LTI) Q3FY19 revenue growth of 6.1% QoQ in CC beats our forecast. Further, EBIT margin of 19.1%, +20bps QoQ and EPS of Rs21.7, -6.4%/+31% QoQ/YoY was a beat to our forecast. Digital solutions (37% of revenue) saw another quarter of strong growth +5.6%/+32.5% QoQ/YoY in US$. LTI now has 63 Fortune 500 clients, 2 added in Q3FY19. We factor Q3 result and raise FY19/20E EPS by 2.4%/1.9%. We now forecast FY18-20E revenue (US$)/EPS CAGR of 17.2%/22%. We increase our TP to Rs1,925 (vs. Rs1,889)...
Digital adoption is still at a very early stage, and majority of the clients are less than half-way through their Digital journey. While Digital capabilities are imperative, LTI also shared its differentiated proposition with which it approaches the legacy spending of clients. It is transforming the 'lights-on' services by driving end business outcomes. An example here is rethinking the role of a support engineer as a productivity engineer.
Larsen & Toubro (L&T;) Q1 profit beats estimates Larsen & Toubro recorded Consolidated Gross Revenue of Rs.32,081 crore for the quarter ended September 30, 2018, registering a growth of 21% on a y-o-y basis. Growth was facilitated with improved execution in project businesses, strong growth in service businesses and recognition of revenue on completed performances in Realty business on application of IND AS 115 from 1stApril, 2018. International revenue during the quarter at Rs.10, 630 crore constituted 33% of the total revenue marginally lower than36% in the previous year. For the period April-September 2018, the Consolidated Gross revenue at Rs.60,364 crore...
Larsen & Toubro (L&T;) reported a stellar Q2FY19 performance, which was better-than-expected on revenue, PAT and order inflow front Standalone revenues for the quarter grew 18% YoY to | 18648.8 crore well above our estimate of | 17180.9 crore. On a consolidated basis, revenues grew 21.3% to | 32080.8 crore YoY. On a standalone basis, infrastructure segment delivered a strong performance with revenue growth of 23.2% to | 14345.4 crore on a YoY basis. Heavy engineering segment revenue grew 53.8% to | 544.1 crore on a YoY...
Strong execution on all front: NIIT Tech delivered strong result for 2QFY19 with Change in Estimates | Target | Reco beat on revenue, EBIDTA margin and PAT. Revenues at USD132.5mn were up...
Historically, government orders have slowed in the quarter preceding/during the election quarter (See Exhibit 9) as the election code of conduct sets in. We now build in an 11% decline in 2H19 orders driven slowdown in ordering in 4Q19 as the election code of conduct sets in. We build in E&C; revenue growth of 14% for FY19 supported by an equivalent pace of domestic execution. For FY19, we expect revenue growth of 12% (12-14% guidance) driven by a revival in execution of large domestic orders that LT has bagged over the past two years. We build in domestic E&C; growth of 14%/15% for FY19/20; note 1Q20 could see a slowdown due to general elections as has been the case historically (See Exhibit 15). price target of INR1,540 (E&C; business at 22x FY20E EPS, to which we add INR520 for subsidiaries). LT trades attractively at 19x/15x standalone EPS for FY19/20 (ex-subsidiaries).
Larsen & Toubro Limited (L&T;) is a USD 18 billion technology, engineering, construction, projects, manufacturing and financial services conglomerate, with global operations. It addresses critical needs in key sectors infrastructure, construction, defence, hydrocarbon, heavy engineering, power, shipbuilding, aerospace, electrical & automation, mining and metallurgy. It operates in over 30 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T; to attain and sustain leadership in its major lines of business for over seven decades. Financials - For the period of FY14-18, its topline and bottomline grew at a CAGR of ~9% & 15% respectively. In Q1FY19 L&T;'s consolidated net sales grew by ~18% to Rs. 28,283 crore and its operating profit was higher by ~25% to Rs. 4,812 crore. Its Net Profit for the quarter increased by ~36% to Rs. 1,215 crore from Rs. 893 crore as compared to the same quarter previous year....
Larsen & Toubro (L&T;) announced a share buyback of up to 6 crore equity shares i.e. 4.29% of total paid up equity share capital at a maximum price of | 1500/ share for aggregate amount of | 9000 crore, which is at ~13% premium to market price. According to L&T;'s five-year strategic plan to exit non-core businesses, have asset light model and improve RoE to 18% by FY21, L&T; accumulated cash & liquid investments by selling noncore assets in past two to three years at ~| 16300 crore as on FY18. The share buyback proposal is in line with long term objective of improving RoE. L&T;'s networth, PAT are estimated at | 63280 crore (prebuyback), | 8240 crore, respectively for FY19E. After adjusting for share...
23 August 2018 In a press release to the stock exchanges, L&T; has informed that its Board of Directors have approved a buyback of equity shares of the company. L&Ts; board of directors have approved a proposal to buy back up to 60m shares (4.29% of the total paid-up equity share capital, 18% of standalone net worth) at a maximum price of INR1, 500 per share for an amount of INR90b. We believe that L&T; is comfortably placed to fund its buyback program, given a) its healthy cash balance of INR80b (Consolidated level), b) recent sale of its stake (5.5%) in L&T; Technology Services generating cash of INR7.9b, and c) current investment of INR128b as of March 2018 available with the company. Assuming the completion of the INR90b share buyback, L&Ts; earnings growth for FY19 would be impacted by 500bps at the consolidated level (from existing estimate of 15% to 10% for FY19), given loss in other income on account of utilization of INR90b of cash.
Our conversations with the L&T; Technology Services' (LTTS) management indicate ramp-up in the recent deal wins are on track and deal pipeline is healthy. It hasn't seen any impact so far of the on-going global trade conflicts on the clients' R&D; spend and has been getting billingrate hikes selectively in contract renewals. This should help offset the margin impact of annual wage revision in 2QFY19; a 2% QTD INR depreciation is an additional lever. We believe our current 21% FY19 USD revenue growth forecast should be achievable and there...
L&T; reported a 19% growth in consolidated net sales in June 18 quarter to Rs 28283.45 crore. Domestic revenue was about 65% of total sales and rest is from international geography. OPM was up by 160 bps to 10.3% due to lower raw material costs and higher operating efficiencies. Thus, OP growth was higher by 40% to Rs 2913.40 crore. Other income was lower by 33% to Rs 244.03 crore. Interest costs remain at flat at Rs 364.89 crore. Depreciation was higher by 17% to Rs 644.89 crore. Thus, PBT stood at Rs 2147.65 crore, up by 41% YoY. With a 103% increase in tax to Rs 934.58 crore, PAT stood at Rs 1213.07 crore, up by 14% YoY. Higher tax provision is...
While we had only built in INR3.5b of profit on sale of the Kattupalli port in our estimates, there were additional one-offs relating to (a) INR4b profit/loss reversal on road INVIT, (b) write-down/provisioning in realty amounting to INR7.5b, (c) impairment charge on hydel projects of INR1b and (d) Ind-AS impact on realty profit of INR0.8b (post-tax). Sales increased 19% YoY to INR283b, ahead of our estimate of INR263b, led by Hydrocarbon (+39% YoY), IT (+31% YoY), Finance (+39% YoY), Infrastructure (+10% YoY) and Realty. Domestic E&C; growth was driven by Infrastructure (+13% YoY) and Hydrocarbon (+ 56% YoY); Power declined 53% YoY. Growth in overseas E&C; was driven by Hydrocarbon (+26% YoY). margins in Heavy Engineering (18.9%, +18.8% YoY) and Hydrocarbons (7%, +30bp YoY). Infrastructure margin shrank 30bp YoY to 6.8%, primarily on account of INR320m of ECL provisions included this quarter.
ICICI Securities Ltd | Retail Equity Research Larsen & Toubro (L&T;) reported a robust Q1FY19 performance, which was better-than-expected on revenue, PAT and order inflow front. Order inflows grew 36.7% YoY at the group level on a pick-up in tendering and ordering activity in the domestic markets along with an inflow revival in the international markets Standalone revenue for the quarter grew 8.9% YoY to | 15173.7 crore in line with our estimate of | 15162.3 crore. On a consolidated...
Q1 was an inline quarter adjusting for IndAS changes and one-off gains. It has held on to its FY19 guidance given at the beginning of the year, making Q1 a non-event in a way. Remains the best proxy for the...
L&T; delivered good set of numbers in 1QFY19 with PAT at Rs12.1bn up 14% YoY ahead of ours as well as street estimates. Beat was led by surprise on both, better execution and margins. Revenues were up 18.8% YoY led by growth in Infrastructure, Hydrocarbon and Services businesses. Good performance in service business and lumpy real estate sales led to better margins. The overall order inflow for the quarter was up 37% YoY with domestic order inflow up 44.6% YoY. The working capital cycle continues to be elevated at 20% of sales (19.2% for FY18). The Company maintained...
NIIT Tech's Q1FY19 results were above our estimates on Revenues and PAT. Change in Estimates | Target | Reco revenue growth momentum for FY19. Revenues at USD124.8mn were up 2.8%...
The company maintained its FY19 order growth guidance of +10-12% YoY Water, Heavy Civil and Hydrocarbon segments are expected to be the key growth drivers. Segment-wise, 15% growth is targeted in the Infrastructure segment (ex T&D;) in FY19, with orders in the T&D; vertical estimated to be flat YoY. In the current fiscal, order growth in the Transportation Infra and Building & Factories (including Smart World) segment is expected to be lower than Water and Heavy Civil segment. Total order prospects in this segment stand at INR900b metros, special bridges and Hydel power projects are likely to be the key drivers. LT continues witnessing strong traction in this segment with order prospects of INR700b in FY19. Orders are estimated to be flat YoY in FY19 (equally split between domestic and overseas); order prospects stand at INR950b.
