Larsen & Toubro / Q2-FY25

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Positive2024-10-30Back to LT

Revenue

₹61,555 Cr

verified against source

Revenue YoY

21%

reported change

EBITDA

Pending

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 47,882 · Positive source sentiment · 2023-07-25Q1 FY24Q2 FY24: 51,024 · Positive source sentiment · 2023-10-18Q2 FY24Q3 FY24: 55,128 · Positive source sentiment · 2024-01-17Q3 FY24Q4 FY24: 67,079 · Positive source sentiment · 2024-05-08Q4 FY24Q1 FY25: 55,120 · Positive source sentiment · 2024-07-24Q1 FY25Q2 FY25: 61,555 · Positive source sentiment · 2024-10-30Q2 FY25Q3 FY25: 64,668 · Positive source sentiment · 2025-01-15Q3 FY25Q4 FY25: 74,392 · Positive source sentiment · 2024-07-24Q4 FY25Q1 FY26: 63,679 · Positive source sentiment · 2025-07-17Q1 FY26Q2 FY26: 67,984 · Positive source sentiment · 2025-10-23Q2 FY26Q3 FY26: 71,450 · Positive source sentiment · 2026-01-20Q3 FY26Q4 FY26: 82,762 · Watch source sentiment · 2026-04-??Q4 FY2682,76247,882
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

L&T delivered a robust Q2 FY25 with group revenues of INR 61,600 crore, up 21% YoY, driven by strong execution in infrastructure and hydrocarbon. Consolidated PAT grew 5% YoY to INR 3,400 crore, or 25% excluding a one-off TOD gain last year. The P&M portfolio margin improved 20bps YoY to 7.6%, while group EBITDA margin contracted 70bps to 10.3% due to the non-recurrence of the TOD gain. Order inflows were INR 80,000 crore (down 10% YoY on a high base), but the order book crossed INR 5 trillion for the first time. Management maintained FY25 guidance of 10% order inflow growth and 15% revenue growth. Key risks include geopolitical tensions in the Middle East and delayed domestic ordering.

Colored figures show movement against the previous available record.

Guidance to track

  • Management reaffirmed guidance of 10% growth in consolidated order inflows for FY25, implying ~INR 3.3 lakh crore.
  • Revenue guidance of 15% YoY growth for the group is maintained.
  • Management expects P&M EBITDA margin to remain around the FY24 level of 8.2-8.25%.
  • NWC/sales ratio expected to be around 15% as of March 2025, improved from 16.7% in Sep 2023.

Risks flagged

  • Conflicts in West Asia and Red Sea disruptions could impact global trade, costs, and project timelines.
  • State government CapEx may be moderated as some states divert funds to subsidies, potentially slowing order inflows.
  • Large hydrocarbon projects in the Middle East are fixed-price; any delay could compress margins.
  • Metro reported a PAT loss of INR 2.07 billion in Q2, driven by interest costs; TOD monetization remains slow.

Key quotes

  • We continue to maintain our guidance for the current financial year around group order inflows, group revenues, margins in the production manufacturing portfolio, and group net working capital to revenue.
  • We have a strong order prospects pipeline of INR 2.49 trillion for this energy segment for the remaining six months.
  • We are well placed in some of the bids that have happened on BTG, almost 6,400 megawatts. We are well placed across three projects.

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