Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹67,079 Cr
verified against source
Revenue YoY
15%
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 Q4 FY24 with group revenues up 15% YoY to INR 67,100 crore and recurring PAT up 8% YoY to INR 4,300 crore. Order inflows declined 5% YoY to INR 72,100 crore, but the order book reached a record INR 4.6 trillion (+20% YoY). EBITDA margin contracted 90bps to 10.8% due to higher SG&A costs and mix shift. Management guided for 10% order inflow growth and 15% revenue growth in FY25, with P&M margins around 8.25%. Key drivers include a strong INR 12.1 trillion prospect pipeline, improved working capital (NWC/sales at 12%), and continued CapEx tailwinds in India and GCC. Risks include geopolitical uncertainty in the Middle East, election-related domestic slowdown, and margin pressure from competitive bidding and input cost volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 10% growth in group order inflows over FY24's INR 3 trillion, factoring in H1 softness due to elections and a large base.
- Guided for 15% revenue growth driven by record order book and healthy execution momentum.
- Projects & Manufacturing margin expected to be similar to FY24's 8.25%, with mix and competitive pressures offset by volume growth.
- Working capital intensity expected to increase from 12% to 15% as legacy collections normalize.
Risks flagged
- Escalation of West Asia conflict could disrupt supply chains and delay project awards, impacting order inflow guidance.
- H1 FY25 may see softness in tendering and awarding due to general elections and new government formation.
- Analyst raised concern about margin guidance being lowered; management cited mix shift, delayed claims, and higher labor/logistics costs.
- Free bus scheme for women reduced ridership by 40k; government grants and monetization progress slower than expected.
Key quotes
- We are happy to report, for the first time ever, our group order inflows for the year has crossed INR 3 trillion on the back of CapEx tailwinds in the primary geographies that we operate for the projects and manufacturing portfolio, that is India and GCC.
- The improvement in projects and manufacturing would depend on the type of orders that we get. For example, if we are able to get large orders in the precision engineering and systems area, typically these are very high entry barriers, high on technology, low on competition, and margins would be pretty good.
- We have realized the hard way, Renu, that it's difficult to predict the customer's response in terms of these claims settlement. They go through extensive discussions. It also has something to do with the budgets that they have had for getting the projects approved.
Research modules