Revenue for the quarter grew 17.9 percent YoY to Rs 28,283 crore in Q1FY19 from Rs 23,989 crore YoY.
Shares of Larsen & Toubro (L&T) rose 2 percent in the opening trade on Thursday on the back of robust numbers declared by the company in the quarter ended June 2018 (Q1FY19).
The company posted a 13.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 1,213 crore, beating analyst estimates driven by order inflow growth in infrastructure, heavy engineering and hydrocarbon segments.
Profit for the same period last year was Rs 1,065.54 crore. The Q1FY19 profit was aided by one-off gain of Rs 355 crore from divestment of Kattupalli port to Adani group.
Revenue for the quarter grew 17.9 percent YoY to Rs 28,283 crore in Q1FY19 from Rs 23,989 crore YoY.
related news
The earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 40.4 percent YoY to Rs 2,913 crore. EBITDA margin was 10.3 percent, compared to 8.7 percent in the same period last year.
The consolidated order book stood at Rs 271,732 crore as at June 30, 2018. International order book constituted 23 percent of the total order book.
The company's 73rd annual general meeting to be held on August 23, 2018
Brokerage: Investec | Rating: Buy | Target: Rs 1,620
Investec has maintained buy rating on L&T with a target of Rs 1,620 per share.
This is in-line performance by core, while stellar show by services and strong order flow momentum is likely to continue, said Investec.
The company management has maintained its guidance on all parameters and continue to see L&T as a beneficiary of government capex, it added.
Brokerage: BoFAML| Rating: Buy | Target: Rs 1,522
BoFAML has maintained buy call on L&T and cut target to Rs 1,522 from Rs 1,541 per share.
The company's Q1 numbers is beat on strong services income, while core business is a marginal miss on weak infra margins.
Its order flows miss the estimates buy trend is encouraging. However, seek more clarity on realty and other segments.
The stock valuations is looking attractive versus its peers.
Brokerage: JPMorgan | Rating: Buy | Target: Rs 1,600
JPMorgan has maintained overweight rating on stock with target of Rs 1,600 per share.
The big picture looks good, but realty hit a dampener. However, consolidated top-line is a beat, led by service businesses.
Core EBITDA bogged down by large provisions and impairment, it added.
At 09:16 hrs Larsen & Toubro was quoting at Rs 1,339, up Rs 18.95, or 1.44 percent on the BSE.
Posted by Rakesh Patil