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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹55,128 Cr
verified against source
Revenue YoY
19%
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 reported a robust Q3 FY24 with group revenue of ₹55,100 crore (+19% YoY) and recurring PAT of ₹2,900 crore (+20% YoY). Order inflows surged 25% YoY to ₹76,000 crore, driven by mega Middle East hydrocarbon and renewable EPC wins, pushing 9-month inflows past full-year FY23 levels. The order book reached a record ₹4.7 trillion (+22% YoY). However, EBITDA margin contracted 50bps to 10.4% due to job mix and legacy project cost pressures in the Projects & Manufacturing (P&M) segment, where margins fell to 7.6% (vs 8.5% YoY). Management revised FY24 guidance: order inflow growth to 20%+ (from 12%), revenue growth to high-teens, but P&M margin guidance trimmed to 8.25%-8.5% (from 8.5%-9%) as new job margin recognition slips into FY25. Net working capital improved to 16.6% of sales. Key risk: domestic ordering may slow ahead of general elections, while Middle East exposure (39% of order book) faces geopolitical uncertainty.
Colored figures show movement against the previous available record.
Guidance to track
- Revised upward from earlier 12% guidance, driven by strong 9-month inflows and robust prospects pipeline of ₹6.27 trillion.
- Revised upward from earlier 15% guidance, supported by strong execution momentum and large order book.
- Trimmed from earlier 8.5%-9% band due to postponement of margin recognition on new jobs into FY25.
- Revised from 16%-18% band, reflecting sustained working capital discipline.
Risks flagged
- Management acknowledged that general elections (Apr-May 2024) could temporarily slow public capex and domestic order inflows.
- Analyst raised concern about Aramco's capex cap; management deflected by stating no impact on existing orders but acknowledged future uncertainty.
- Management indicated that multiple new jobs in ramp-up stage may not cross margin recognition threshold by FY24 end, pushing margin improvement to FY25.
- Large fixed-price contracts in Middle East require timely execution to realize bid margins; any delays could compress margins.
Key quotes
- We are now revising our order inflow guidance to 20%+ for the full year. And for revenue, we believe that we should be looking to achieving growth in high-teens.
- The slip-up in margin, if any, in this portfolio, is more than made up by volume growth and improved working capital intensity, resulting in superior return on investment.
- We are mindful of the fact that when we are working for projects outside India, we establish or we ensure that our relationship with the client, the financing for the project, and the terms of payment and all other conditions are in line with our own risk framework process.
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