Financials Larsen & Toubro Limited Berne S.E.

Equities

LTO

USY5217N1183

Construction & Engineering

Delayed Berne S.E. Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

24/05	Indian Equities End with Marginal Losses on Friday Due to Profit-Booking Amid Negative Global Cues	MT
17/05	Indian Equities Extend Gains on Friday, Led by Real Estate, Auto and Metal Names	MT

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,41,448	11,32,397	19,91,613	24,83,319	30,41,966	50,41,018	-	-
Enterprise Value (EV) ¹	29,20,213	22,35,014	28,16,753	32,50,943	30,41,966	59,11,510	60,20,992	59,88,808
P/E ratio	21.8 x	11.9 x	17.2 x	28.7 x	29.1 x	40.2 x	31.5 x	25.1 x
Yield	1.3%	2.23%	2.54%	1.24%	1.11%	0.74%	0.98%	1.17%
Capitalization / Revenue	1.38 x	0.78 x	1.46 x	1.59 x	1.66 x	2.35 x	1.99 x	1.74 x
EV / Revenue	2.07 x	1.54 x	2.07 x	2.08 x	1.66 x	2.67 x	2.38 x	2.07 x
EV / EBITDA	17.9 x	13.7 x	18 x	17.8 x	14.7 x	25.2 x	21.4 x	17.6 x
EV / FCF	-32.4 x	65.8 x	12.8 x	20.3 x	16 x	42.1 x	34.2 x	25.5 x
FCF Yield	-3.08%	1.52%	7.78%	4.94%	6.24%	2.38%	2.92%	3.92%
Price to Book	3.11 x	1.49 x	2.63 x	3.01 x	-	6.01 x	5.04 x	4.42 x
Nbr of stocks (in thousands)	14,02,730	14,03,479	14,04,176	14,05,029	14,05,227	13,74,548	-	-
Reference price ²	1,384	806.8	1,418	1,767	2,165	3,667	3,667	3,667
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,10,071	14,54,524	13,59,790	15,65,212	18,33,407	22,11,129	25,28,360	28,90,244
EBITDA ¹	1,63,247	1,63,290	1,56,241	1,82,173	2,07,533	2,34,940	2,81,723	3,39,449
EBIT ¹	1,42,407	1,38,667	1,27,199	1,52,694	1,72,510	1,98,113	2,42,306	2,98,837
Operating Margin	10.1%	9.53%	9.35%	9.76%	9.41%	8.96%	9.58%	10.34%
Earnings before Tax (EBT) ¹	1,45,809	1,34,310	85,420	1,45,304	1,71,090	2,05,171	2,47,059	3,10,322
Net income ¹	89,051	95,490	1,15,829	86,693	1,04,707	1,30,591	1,60,877	2,02,981
Net margin	6.32%	6.57%	8.52%	5.54%	5.71%	5.91%	6.36%	7.02%
EPS ²	63.40	67.95	82.41	61.65	74.45	93.88	116.4	146.2
Free Cash Flow ¹	-89,995	33,944	2,19,218	1,60,530	1,89,840	1,40,558	1,75,888	2,35,055
FCF margin	-6.38%	2.33%	16.12%	10.26%	10.35%	6.36%	6.96%	8.13%
FCF Conversion (EBITDA)	-	20.79%	140.31%	88.12%	91.47%	59.83%	62.43%	69.25%
FCF Conversion (Net income)	-	35.55%	189.26%	185.17%	181.31%	107.63%	109.33%	115.8%
Dividend per Share ²	18.00	18.00	36.00	22.00	24.00	28.00	36.03	42.98
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	6,49,644	3,55,964	4,80,879	2,93,347	3,47,729	6,41,076	3,95,629	5,28,507	3,58,532	4,27,626	7,86,158	4,63,897	5,83,352	4,78,820	5,03,625	9,89,060	5,37,607	6,59,936	5,43,972
EBITDA ¹	-	42,800	63,889	31,715	39,949	71,664	45,304	65,205	39,567	48,994	88,561	50,730	68,330	48,690	53,712	1,05,010	60,648	75,553	-
EBIT ¹	-	35,778	55,722	24,541	32,661	-	37,980	57,512	29,930	40,400	70,400	42,479	59,794	40,382	44,350	-	49,128	69,749	37,812
Operating Margin	-	10.05%	11.59%	8.37%	9.39%	-	9.6%	10.88%	8.35%	9.45%	8.95%	9.16%	10.25%	8.43%	8.81%	-	9.14%	10.57%	6.95%
Earnings before Tax (EBT) ¹	-	36,805	57,474	22,746	31,386	54,132	35,556	55,616	29,319	39,400	68,800	43,364	59,074	43,324	44,284	93,234	53,719	66,938	-
Net income ¹	-	24,667	32,928	11,744	18,194	29,939	20,547	36,207	17,000	22,300	39,300	25,529	39,868	24,930	27,755	57,156	34,568	43,434	-
Net margin	-	6.93%	6.85%	4%	5.23%	4.67%	5.19%	6.85%	4.74%	5.21%	5%	5.5%	6.83%	5.21%	5.51%	5.78%	6.43%	6.58%	-
EPS ²	-	17.55	23.42	8.350	12.94	-	14.61	25.75	12.10	15.85	27.95	18.15	28.35	17.73	20.71	-	25.58	31.37	-
Dividend per Share ²	-	-	18.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36.00	-
Announcement Date	23/10/19	25/01/21	14/05/21	26/07/21	27/10/21	27/10/21	28/01/22	12/05/22	26/07/22	31/10/22	31/10/22	30/01/23	10/05/23	25/07/23	-	31/10/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,78,765	11,02,617	8,25,141	7,67,624	-	7,23,827	9,79,974	9,47,789
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.996 x	6.753 x	5.281 x	4.214 x	-	3.081 x	3.478 x	2.792 x
Free Cash Flow ¹	-89,995	33,945	2,19,218	1,60,530	1,89,840	1,40,558	1,75,888	2,35,055
ROE (net income / shareholders' equity)	14.8%	13.1%	16.2%	11%	12.2%	14.8%	17.2%	18.8%
ROA (Net income/ Total Assets)	3.33%	3.26%	3.74%	2.75%	-	3.87%	4.9%	5.2%
Assets ¹	26,77,268	29,32,479	30,97,040	31,56,616	-	33,73,924	32,83,201	39,03,487
Book Value Per Share ²	445.0	543.0	540.0	587.0	-	628.0	728.0	830.0
Cash Flow per Share ²	-33.60	47.60	163.0	136.0	162.0	133.0	151.0	184.0
Capex ¹	42,826	32,994	9,223	31,106	37,930	42,105	41,167	42,639
Capex / Sales	3.04%	2.27%	0.68%	1.99%	2.07%	1.9%	1.63%	1.48%
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	08/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Larsen & Toubro Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,667 INR

Average target price

3,850 INR

Spread / Average Target

+4.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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