Infrastructure and engineering major Larsen and Toubro’s (L&T) fourth quarter earnings beat analysts’ expectations on all counts. Consolidated profit rose 18.6 percent to Rs 2,454 crore compared to year-ago period, driven by strong revenue and operational performance despite higher finance and tax cost.
Revenue increased 18.3 percent to Rs 33,157 crore aided by growth in all segments except metallurgical & material handling.
With this the company achieved its full year topline guidance that was expected at 10-15 percent.
Revenue in FY16 rose 11.55 percent to Rs 1,02,631.7 lakh crore against Rs 92,004.6 crore in preceding year and profit grew by 6.8 percent to Rs 5,090.5 crore.
For FY17, L&T expects revenue to grow at 12-15 percent and order inflow at 15 percent over FY16.
Operating profit (EBITDA – earnings before interest, tax, depreciation and amortisation) shot up 35.2 percent to Rs 4,859 crore and margin expanded by 190 basis points to 14.7 percent compared to year-ago period.
According to average of estimates of analysts’ polled by CNBC-TV18, profit was expected at Rs 2,030 crore on revenue of Rs 31,429 crore for the quarter. Operating profit was estimated at Rs 4,117 crore and margin at 13.1 percent in Q4.
More to come…