Financials Larsen & Toubro Limited NSE India S.E.

Equities

LT

INE018A01030

Construction & Engineering

Market Closed - NSE India S.E. Other stock markets 05:13:48 26/04/2024 pm IST			5-day change	1st Jan Change
3,605 ^INR	-1.29%		+2.47%	+2.25%

22/04	Indian Equities Close Higher on Monday as Israel-Iran Tension Eases	MT
18/04	Nomura Adjusts Larsen & Toubro’s Price Target to INR4,230 From INR4,090, Keeps at Buy	MT

Valuation

Fiscal Period: March	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	49,51,535	-	-
Enterprise Value (EV) ¹	29,20,213	22,35,014	28,16,753	32,50,943	30,41,966	59,15,603	59,20,163	59,02,077
P/E ratio	21.8 x	11.9 x	17.2 x	28.7 x	29.1 x	37.5 x	29.3 x	23.8 x
Yield	1.3%	2.23%	2.54%	1.24%	1.11%	0.84%	1.03%	1.25%
Capitalization / Revenue	1.38 x	0.78 x	1.46 x	1.59 x	1.66 x	2.27 x	1.97 x	1.73 x
EV / Revenue	2.07 x	1.54 x	2.07 x	2.08 x	1.66 x	2.71 x	2.36 x	2.06 x
EV / EBITDA	17.9 x	13.7 x	18 x	17.8 x	14.7 x	24.3 x	19.8 x	16.7 x
EV / FCF	-32.4 x	65.8 x	12.8 x	20.3 x	16 x	41.7 x	32 x	25.7 x
FCF Yield	-3.08%	1.52%	7.78%	4.94%	6.24%	2.4%	3.13%	3.88%
Price to Book	3.11 x	1.49 x	2.63 x	3.01 x	-	5.46 x	4.82 x	4.24 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	3,602	3,602	3,602
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	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	21,81,842	25,08,534	28,68,450
EBITDA ¹	1,63,247	1,63,290	1,56,241	1,82,173	2,07,533	2,43,665	2,98,783	3,53,421
EBIT ¹	1,42,407	1,38,667	1,27,199	1,52,694	1,72,510	2,11,898	2,64,316	3,17,305
Operating Margin	10.1%	9.53%	9.35%	9.76%	9.41%	9.71%	10.54%	11.06%
Earnings before Tax (EBT) ¹	1,45,809	1,34,310	85,420	1,45,304	1,71,090	2,10,330	2,63,891	3,20,667
Net income ¹	89,051	95,490	1,15,829	86,693	1,04,707	1,32,146	1,69,820	2,08,348
Net margin	6.32%	6.57%	8.52%	5.54%	5.71%	6.06%	6.77%	7.26%
EPS ²	63.40	67.95	82.41	61.65	74.45	96.10	123.0	151.2
Free Cash Flow ¹	-89,995	33,944	2,19,218	1,60,530	1,89,840	1,41,803	1,85,075	2,29,228
FCF margin	-6.38%	2.33%	16.12%	10.26%	10.35%	6.5%	7.38%	7.99%
FCF Conversion (EBITDA)	-	20.79%	140.31%	88.12%	91.47%	58.2%	61.94%	64.86%
FCF Conversion (Net income)	-	35.55%	189.26%	185.17%	181.31%	107.31%	108.98%	110.02%
Dividend per Share ²	18.00	18.00	36.00	22.00	24.00	30.24	37.17	45.10
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	-	-	-

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	-
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	-
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%	-
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	43,435	-
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	-	9,64,067	9,68,627	9,50,542
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.996 x	6.753 x	5.281 x	4.214 x	-	3.957 x	3.242 x	2.69 x
Free Cash Flow ¹	-89,995	33,945	2,19,218	1,60,530	1,89,840	1,41,803	1,85,075	2,29,228
ROE (net income / shareholders' equity)	14.8%	13.1%	16.2%	11%	12.2%	14.4%	16.9%	18.5%
ROA (Net income/ Total Assets)	3.33%	3.26%	3.74%	2.75%	-	4.2%	4.9%	5.4%
Assets ¹	26,77,268	29,32,479	30,97,040	31,56,616	-	31,46,327	34,65,723	38,58,301
Book Value Per Share ²	445.0	543.0	540.0	587.0	-	660.0	748.0	850.0
Cash Flow per Share ²	-33.60	47.60	163.0	136.0	162.0	130.0	152.0	183.0
Capex ¹	42,826	32,994	9,223	31,106	37,930	38,955	40,889	41,644
Capex / Sales	3.04%	2.27%	0.68%	1.99%	2.07%	1.79%	1.63%	1.45%
Announcement Date	10/05/19	05/06/20	14/05/21	12/05/22	10/05/23	-	-	-

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

3,602 INR

Average target price

3,961 INR

Spread / Average Target

+9.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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