L&T has maintained its full year revenue growth guidance of 12 percent but won't be meeting order inflow guidance 12-14 percent, R Shankar Raman, CFO said while addressing press conference.
Engineering and infrastructure major Larsen & Toubro on Saturday has reported better-than-expected profit growth of 26.2 percent for July-September quarter, while maintaining full year revenue growth guidance.
Consolidated profit for the quarter increased to Rs 2,131 crore against Rs 1,688.84 crore in same quarter last year, driven by better operational performance. Profit excluding exceptional item also beat estimates.
L&T has reported exceptional item of Rs 136.74 crore (on divestment of a subsidiary) for the quarter against Rs 402.43 crore in year-ago.
Consolidated revenue of Rs 26,446.8 crore for the quarter ended September 2017 increased by 5.7 percent year-on-year, L&T said. Revenue growth (net of excise) was 6.4 percent.
L&T has maintained its full year revenue growth guidance of 12 percent but won't be meeting order inflow guidance 12-14 percent, R Shankar Raman, CFO said while addressing press conference.
He further said total order inflows may be the same as last year or may be a bit above.
The company secured orders worth Rs 28,732 crore during the quarter, lower by 7.7 percent year-on-year but higher by 9 percent over previous quarter.
"Order inflow for the half year ended September 2017 stood at Rs 55,084 crore. Major orders were received by infrastructure and hydrocarbon segments," L&T said.
Consolidated order book of the group was higher by 2 percent YoY at Rs 2.57 lakh crore with international order book constituting 26 percent, it added.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 27.9 percent year-on-year to Rs 2,960 crore and margin expanded by 190 basis points to 11.2 percent in second quarter of FY18.
Numbers were ahead of estimates. Profit was expected at Rs 1,230 crore and operating profit at Rs 2,533 crore with margin at 9.4 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Infrastructure segment grew by 3.4 percent year-on-year to Rs 11,988.7 crore, with its EBIT (earnings before interest and tax) rising 13 percent.
"Order book of infrastructure segment as of September 2017 at Rs 1.9 lakh crore marginally increased by 2 percent YoY, reflecting the slower pace of new orders," it said.
Hydrocarbon business increased 2.4 percent to Rs 2,561.40 crore, with a whopping EBIT growth of 73.4 percent at Rs 248 crore for the quarter.
Development projects segment for the quarter registered 32 percent growth at Rs 1,415.7 crore and its EBIT grew by 255 percent to Rs 378 crore YoY. The segment had reported a loss of Rs 49 crore at EBIT level in June quarter.
The power business declined 4.4 percent year-on-year to Rs 1,667.3 crore but posted a 91.7 percent growth in EBIT at Rs 79 crore.
Ahead of earnings, the stock price had rallied 3.9 percent on Friday to close at Rs 1,264.05 on the BSE.
