Domestic ordering slowdown ahead of elections
Management acknowledged that general elections (Apr-May 2024) could temporarily slow public capex and domestic order inflows.
LT / Q3-FY24 / risks
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Larsen & Toubro · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Middle East geopolitical and Aramco capex risk
Analyst raised concern about Aramco's capex cap; management deflected by stating no impact on existing orders but acknowledged future uncertainty.
Margin recognition delay on new projects
Management indicated that multiple new jobs in ramp-up stage may not cross margin recognition threshold by FY24 end, pushing margin improvement to FY25.
Execution risk in Middle East fixed-price contracts
Large fixed-price contracts in Middle East require timely execution to realize bid margins; any delays could compress margins.