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Revenue
₹64,668 Cr
verified against source
Revenue YoY
17%
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 strong Q3 FY25 with group revenues of INR 64,700 crore (+17% YoY) and PAT of INR 3,360 crore (+14% YoY). Order inflows surged 53% YoY to a record INR 1.16 trillion, driven by infrastructure, hydrocarbon, and renewable energy orders. The order book stands at INR 5.64 trillion (+20% YoY). EBITDA margin declined 70 bps to 9.7% due to revenue mix shift toward lower-margin P&M portfolio and margin compression in LTTS. Management raised revenue guidance to exceed 15% growth and expects to surpass the 10% order inflow guidance. Key risks include potential slippage in large orders, margin pressure from fixed-price contracts, and geopolitical uncertainties in the Middle East.
Colored figures show movement against the previous available record.
Guidance to track
- Group revenues for 9M FY25 grew 18% YoY; strong order book supports upside to the initial 15% growth guidance.
- 9M FY25 order inflows up 16% YoY; strong Q4 pipeline of INR 5.51 trillion expected to exceed the 10% guidance.
- Despite 7.6% margin in 9M, management expects Q4 margin to be higher to achieve full-year target.
- Improved from 16.6% in Dec 2023; management expects to sustain this level, better than the earlier 15% guidance.
Risks flagged
- Management noted that large orders in Q4 pipeline could slip to subsequent quarters, impacting order inflow guidance.
- 45% of order book is fixed-price; cost overruns or delays could compress margins, especially in hydrocarbon and thermal projects.
- Despite ceasefire, potential trade wars and regional instability could impact project execution and payment flows.
- Delayed payments in water projects under Jal Jeevan Mission led to temporary execution slowdown; recovery depends on fund flow.
Key quotes
- We believe that we would be surpassing the 10% guidance on order inflows for FY25.
- The difference in the international and domestic is that the payments are much more prompt and working capital is generally better compared to domestic.
- We do expect some of these investments to start contributing to group returns in the next Lakshya plan of the company, which will start from FY27 and end at FY31.
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