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Revenue
₹47,882 Cr
verified against source
Revenue YoY
34%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
L&T delivered a robust Q1 FY24 with group revenues of INR 47,900 crore (+34% YoY) and PAT of INR 2,490 crore (+46% YoY), driven by strong execution across infrastructure and hydrocarbon segments. Order inflows surged 57% YoY to INR 65,500 crore, led by infrastructure (more than doubled) and a sharp rise in hydrocarbon prospects. The order book reached a record INR 4.12 trillion, providing strong revenue visibility. EBITDA margin contracted 80bps to 10.2% due to legacy COVID-impacted EPC projects, but management expects these to conclude by Q3, with full-year project margin guidance of 9% unchanged. The company announced a INR 10,000 crore buyback and special dividend. Guidance for order inflow growth of 10-12% and revenue growth of 12-15% for FY24 was maintained. Key risk: execution delays or margin pressure from legacy projects could weigh on near-term profitability.
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Guidance to track
- Management maintained guidance for 10-12% order inflow growth for the full year, despite strong Q1 performance.
- Revenue growth guidance maintained at 12-15% for FY24, with Q1 revenue growth of 34% providing a strong start.
- Full-year EBITDA margin guidance for projects and manufacturing segment remains at 9%, with first half expected to be subdued due to legacy projects.
- Net working capital to revenue guidance maintained at 16-18% for the current year.
Risks flagged
- Subdued EBITDA margins in Q1 due to legacy EPC projects from pre-COVID era; management expects completion by Q2/Q3 FY24.
- Analyst raised concern about potential shortage of equipment and capacity constraints given the large order book; management downplayed the risk.
- Sharp increase in hydrocarbon prospects pipeline (INR 3.47 trillion) is concentrated in Middle East; any geopolitical or oil price shock could impact conversion.
- IDPL stake sale may slip to Q3; metro government assistance of INR 450 crore expected but not yet received.
Key quotes
- Our group order inflows, revenues, and PAT is up by 57%, 34%, and 46% respectively, over the corresponding quarter of the previous year.
- We remain confident of achieving the order inflow growth of 10%-12%, and the revenue growth of 12%-15% for the year FY 2024.
- The size of the CapEx spend that we are witnessing in some of the countries in Middle East is so large that the few of the companies that have been selected as an approved bidder, I think the size of the cake is so large that each one will probably get a fair share.
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