Expect LT Q1 net to jump 9% at Rs 980.9 cr: Emkay

Emkay Equity Advisory has come out with its first quarter (April-June) earnings estimates for the capital goods sector. The brokerage house expects Larsen and Toubro to report a 44.6 percent degrowth quarter-on-quarter (up 8.8 percent Y-o-Y) in net profit at Rs 980.9 crore.

Revenues are expected to decrease by 35.7 percent Q-o-Q (up 9.1 percent Y-o-Y) to Rs 13049.2 crore, according to Dolat Capital.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 44.3 percent Q-o-Q (up 8.8 percent Y-o-Y) to Rs 1364 crore.

Emkay Equity Advisory report on Larsen and Toubro

Earnings growth will remain muted at 9 percent Y-o-Y (1) 9 percent revenue growth-led by 10 percent growth in E&C (Rs115.2 billion). No growth in E&E (Rs7.6 billion) and M&IP (Rs5.8 billion) (2) Expect stable margins at 10.5 percent on low base (3) Corresponding APAT growth at 9 percent Y-o-Y to Rs9.8 billion.

Expect Larsen and Toubro to report order inflows in excess of Rs150 billion and a closing order book of Rs1.6 trillion. Reiteration of guidance on order inflows and margins will be keenly tracked. Management comment on quality of order book also awaited.

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