01st February, 2021

Q3FY21 RESULT UPDATE

Retail Equity Research

Larsen & Toubro Limited BUY
Construction & Engineering 12M Investment period Rating as per Large Cap
BSE CODE: 500510 NSE CODE: LT CMP Rs. 1,335 TARGET Rs. 1,592 RETURN 19%
(Closing:29-01-21)
Bloomberg CODE: LT:IN SENSEX: 46,286

KEY CHANGES: TARGET RATING EARNINGS

Company Data
Promising order book; Growth rebounds Market Cap (cr) Rs. 187,411
Larsen & Toubro Ltd. (LT) is an engineering & construction (E&C) Enterprise Value (cr) Rs. 340,048
conglomerate. Further, it has presence in IT & financial services sectors and Outstanding Shares (cr) 140.4
operates in over 30 countries. Free Float 87.0%
 Consolidated revenue grew 14.7% QoQ (-1.8% YoY) on the back of Dividend Yield 1.3%
encouraging order book in Q3FY21. 52 week high Rs. 1,396
 EBITDA margin up 130bps QoQ to 12.0% on improved utilization, better 52 week low Rs. 661
onshore vs. offshore mix and operational efficiency. Net profit fell 6m average volume (lacs) 2.5
53.8% QoQ (+4.9% YoY) to Rs. 2,467cr impacted by higher income tax. Beta 0.9
 Company’s order book surged ~76% YoY to Rs. 73,233cr in Q3FY21, Face value Rs. 2
with international orders accounting for 14% of total order inflow. Shareholding % Q1FY21 Q2FY21 Q3FY21
 L&T has a strong project pipeline for the upcoming quarter with strong Promoters 71.3 71.3 71.3
domestic ordering activity seen in Infra and Hydrocarbon. Also, it FII’s 9.8 11.0 12.2
stands to benefit from government support for key sectors, such as MFs/Insti 10.9 9.7 8.4
Infrastructure. We reiterate our BUY rating on the stock with a rolled Public 6.4 7.0 7.1
forward target price of Rs. 1,592 based on SOTP valuation. Others 1.7 1.0 1.0
 Total 100.0 100.0 100.0
Steady topline on gradual recovery across key segment
Promoters’ pledge 36.5 0.0 0.0
L&T recorded revenue grew 14.7% QoQ to Rs. 35,596cr, on the back of a strong Price Performance 3 Month 6 Month 1 Year
performance across all segments, except for Developmental Projects. Infrastructure
Absolute Return 42.8% 44.7% -2.3%
revenue rose 22.0% QoQ to Rs. 15,973cr aided by higher utilization, strong order book
Absolute Sensex 16.4% 21.6% 12.3%
and operation normalization. Defense Engineering rose 33.2% QoQ to Rs. 1,024cr
backed by multiple small value orders as well as ramp-up in large orders in Q3FY21. Relative Return* 26.4% 23.1% -14.6%
Hydrocarbon segment reported a 9.2% QoQ increase to Rs. 4,422cr, helped by big *over or under performance to benchmark index
order wins and improved activity level. Additionally, sequential growth was registered
1,800 LT Sensex Rebased
in Power (+31.2%), IT & Technology Services (+5.3%), Financials Services (+1.8%),
and Other businesses (+50.0%). On the other hand, Developmental Projects witnessed 1,500
a 28.6% QoQ decline during the quarter at Rs. 814cr. 1,200

Margin expands on higher utilization 900

600
EBITDA went up 28.3% QoQ to Rs. 4,280cr, with EBITDA margin expanding 130bps Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
QoQ to 12.0% owing to operational efficiency, higher utilization as operation came
back online. Reported PAT stood at Rs. 2,467cr (-53.8% QoQ, +4.9% YoY) owing to Consolidated (cr) FY21E FY22E FY23E
higher tax expenses. However, excluding the profits from discontinued operations, the Sales 137,947 161,792 184,766
Adj. PAT for the quarter was higher vis-à-vis Q2FY21. Growth (%) (5.2) 17.3 14.2
EBITDA 15,108 19,277 22,119
Improved order book drives growth
EBITDA Margin (%) 11.0 11.9 12.0
Company’s overall order book stands at Rs. 331,061cr as of December 31, 2020, on
Adj. PAT 8,301 9,384 11,478
account of multiple large and prestigious order wins. Of these, the international orders
Growth (%) (13.1) 13.0 22.3
accounted for ~20%. L&T recently won the biggest EPC contract in the country for the
Adj. EPS 59.1 66.8 81.7
high speed rail (HSR) project. Infrastructure segment order book rose to Rs. 45,574cr
(+80% YoY) benefitted by two marquee HSR orders, along with an order in Assam for Growth (%) (13.0) 13.0 22.3
a special bridge project and rural water supply in Madhya Pradesh. Heavy engineering P/E 22.6 20.0 16.3
segment’s order book stood at Rs. 3,645cr, with exports comprising a ~48% share. The P/B 2.8 2.5 2.3
segment reported near-double growth in orders secured during the quarter at Rs. EV/EBITDA 22.5 17.3 14.9
998cr led by orders in the Nuclear business. ROE (%) 6.8 12.7 14.1
D/E 1.9 1.7 1.5
Valuation
Large order wins and higher economic activity should strengthen L&T’s performance
in coming quarters. Also, expected order inflows that could not fructify this quarter are
expected to come through in Q4FY21. Company’s strong liquidity position continues
to ensure smooth execution of large orders. Therefore, we reiterate our BUY rating on
the stock with a rolled forward target price of Rs. 1,592 based on SOTP valuation.

www.geojit.com
Quarterly Financials (Consolidated)
Profit & Loss Account
YoY QoQ YoY
Q3FY21 Q3FY20 Q2FY21 9MFY21 9MFY20
Growth % Growth % Growth %
Revenue 35,596 36,243 (1.8) 31,035 14.7 87,891 101,207 (13.2)
EBITDA 4,280 4,118 3.9 3,335 28.3 9,235 11,208 (17.6)
EBITDA margins 12.0 11.4 60bps 10.7 130bps 10.5 11.1 (60bps)
Depreciation 702 660 6.3 713 (1.5) 2,087 1,751 19.2
EBIT 3,578 3,457 3.5 2,622 36.5 7,148 9,457 (24.4)
Interest 962 703 36.8 1,042 (7.7) 3,060 1,976 54.9
Other Income 1,065 469 127.0 559 90.4 2,401 1,700 41.2
Exceptional Items - - - (3,919) n.m. (3,694) - n.m.
PBT 3,681 3,223 14.2 (1,780) 306.7 2,795 9,181 (69.6)
Tax 1,041 711 46.4 675 54.1 1,924 2,297 (16.2)
Sh. of profit from Associate 9 48 (82.2) (53) n.m. (145) (75) n.m.
Minority Interest 391 400 (2.1) 304 28.7 935 980 (4.5)
Profit from discon. operat. 209 191 9.4 8,146 (97.4) 8,362 522 -
Reported PAT 2,467 2,352 4.9 5,334 (53.8) 8,152 6,352 28.3
Adjustments - - - 3,919 n.m. 3,694 - n.m.
Adj. PAT 2,467 2,352 4.9 9,253 (73.3) 11,846 6,352 86.5
No. of shares 140.4 140.5 (0.1) 140.4 - 140.4 140.5 (0.1)
Adj. EPS (Rs.) 17.6 16.7 4.9 65.9 (73.3) 84.4 45.2 86.6
Gross Segment Revenue
% YoY % QoQ % YoY
Particulars Q3FY21 Q3FY20 Q2FY21 9MFY21 9MFY20
Growth Growth Growth
Infrastructure 15,973 17,176 (7.0) 13,096 22.0 35,525 47,364 (25.0)
Power 904 698 29.4 689 31.2 1,972 1,753 12.5
Heavy Engineering 803 806 (0.3) 708 13.5 1,937 2,940 (34.1)
Electrical & Automation 5 1,420 (99.7) 846 (99.4) 1,606 4,328 (62.9)
Hydrocarbon 4,422 4,393 0.7 4,050 9.2 11,542 12,466 (7.4)
IT & Technology Services 6,530 6,126 6.6 6,200 5.3 18,773 15,874 18.3
Financial Services 3,401 3,550 (4.2) 3,342 1.8 10,027 10,457 (4.1)
Developmental Projects 814 1,238 (34.3) 1,140 (28.6) 2,508 3,869 (35.2)
Defence Engineering 1,024 1,004 2.0 769 33.2 2,269 2,900 (21.8)
Others 2,051 1,600 28.1 1,367 50.0 4,186 5,107 (18.0)
Change in Estimates
Old estimates New estimates Change %
Year / Rs. cr FY21E FY22E FY21E FY22E FY23E FY21E FY22E
Revenue 139,050 162,036 137,947 161,792 184,766 (0.8) (0.2)
EBITDA 19,444 19,132 15,108 19,277 22,119 (22.3) 0.8
Margins (%) 14.0 11.8 11.0 11.9 12.0 (300bps) 10bps
Adj. PAT 10,704 9,857 8,301 9,384 11,478 (22.5) (4.8)
Adj. EPS 76.2 70.2 59.1 66.8 81.7 (22.5) (4.8)
Sum-of-the-Parts (SOTP) valuation
Particulars Basis Multiple % holding Value (Rs. cr.) Value/share (Rs.)
Core E&C FY23E P/E 19.0x 100% 176,826 1,259
Financial Services Geojit TP 1.0x 64% 14,692 105
Developmental Projects FY23E P/BV 0.5x 97% 10,611 76
Hydrocarbon FY23E P/BV 3.0x 100% 24,938 178
L&T Infotech FY23E P/E 15.0x 75% 21,007 150
L&T Technology services FY23E P/E 15.0x 75% 9,666 69
Others FY23E P/BV 1.0x 100% 5,303 38
Conglomerate discount 15% (39,457) (281)
Total 223,587 1,592

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PROFIT & LOSS BALANCE SHEET
Y.E March (Rs. cr) FY19A FY20A FY21E FY22E FY23E Y.E March (Rs. cr) FY19A FY20A FY21E FY22E FY23E
Revenue 135,220 145,452 137,947 161,792 184,766 Cash 11,726 15,118 8,569 10,084 16,632
% change 12.8 7.6 (5.2) 17.3 14.2 Accounts Receivable 36,846 40,732 38,906 45,954 52,849
EBITDA 15,330 16,329 15,108 19,277 22,119 Inventories 6,414 5,747 5,474 7,559 8,932
% change 13.0 6.5 (7.5) 27.6 14.7 Other Cur. Assets 111,805 121,094 131,694 132,891 134,112
Depreciation 1,923 2,462 2,801 2,816 2,841 Investments 11,215 11,062 33,616 33,579 33,543
EBIT 13,407 13,867 12,307 16,461 19,277 Gross Fixed Assets 16,614 19,913 22,672 25,584 28,910
Interest 1,803 2,797 4,127 4,558 4,318 Net Fixed Assets 10,890 10,104 12,450 12,697 13,044
Other Income 2,131 2,361 (743) 3,246 3,571 CWIP 2,484 3,225 3,289 3,355 3,422
PBT 13,735 13,431 7,438 15,149 18,530 Intangible Assets 17,486 29,921 27,697 27,700 27,703
% change 18.0 (2.2) (44.6) 103.7 22.3 Def. Tax (Net) 3,419 3,847 3,654 3,472 3,576
Tax 4,067 3,263 2,142 4,363 5,337 Other Assets 66,063 67,291 67,526 69,798 69,798
Tax Rate (%) 29.6 24.3 28.8 28.8 28.8 Total Assets 278,347 308,140 332,876 347,090 363,610
Reported PAT 8,905 9,549 4,607 9,384 11,478 Current Liabilities 82,368 85,628 101,971 114,343 121,381
Adj* (295) - 3,694 - - Provisions 557 709 744 781 820
Adj PAT 8,610 9,549 8,301 9,384 11,478 Debt Funds 125,910 144,075 150,996 145,027 144,988
% change 18.8 10.9 (13.1) 13.0 22.3 Other Liabilities 312 1,484 1,557 1,633 1,713
No. of shares (cr) 140.5 140.5 140.4 140.4 140.4 Equity Capital 281 281 281 281 281
Adj EPS (Rs.) 61.3 68.0 59.1 66.8 81.7 Reserves & Surplus 62,094 66,442 67,118 73,413 81,101
% change 18.8 10.8 (13.0) 13.0 22.3 Shareholder’s Fund 62,375 66,723 67,399 73,694 81,382
DPS (Rs.) 18.0 18.0 28.0 22.0 27.0 Minority Interest 6,826 9,521 10,209 11,611 13,327
CEPS (Rs.) 75.0 85.5 79.1 86.9 102.0 Total Liabilities 278,347 308,140 332,876 347,090 363,610
BVPS (Rs.) 444 475 480 525 580

CASH FLOW RATIOS

Y.E March (Rs. cr) FY19A FY20A FY21E FY22E FY23E Y.E March FY19A FY20A FY21E FY22E FY23E
Net inc. + Depn. 10,828 12,011 7,409 12,200 14,320 Profitab. & Return
Non-cash adj. 363 2,467 4,344 5,253 6,033 EBITDA margin (%) 11.3 11.2 11.0 11.9 12.0
Changes in W.C (15,947) (7,784) (4,901) 2,824 (2,371) EBIT margin (%) 9.9 9.5 8.9 10.2 10.4
C.F. Operation (4,756) 6,694 6,852 20,278 17,982 Net profit mgn.(%) 6.6 6.6 3.3 5.8 6.2
Capital exp. (3,499) (3,299) (2,759) (2,912) (3,326) ROE (%) 14.3 14.3 6.8 12.7 14.1
Change in inv. (4,474) (7,251) (22,590) - - ROCE (%) 6.9 6.3 5.4 7.1 8.0
Other invest.CF (3,050) 2,294 13,050 (2,272) - W.C & Liquidity
C.F – Investment (11,023) (8,256) (12,300) (5,184) (3,326) Receivables (days) 99.5 102.2 102.9 103.7 104.4
Issue of equity 11 18 - - - Inventory (days) 47.8 42.3 51.8 52.6 54.4
Issue/repay debt 18,174 14,126 6,957 (5,932) - Payables (days) 320.5 321.6 358.1 354.4 353.7
Dividends paid (2,647) (4,551) (3,931) (3,089) (3,791) Current ratio (x) 1.2 1.3 1.1 1.1 1.2
Other finance.CF (98) (3,221) (4,127) (4,558) (4,318) Quick ratio (x) 0.5 0.5 0.4 0.4 0.5
C.F – Finance 15,440 6,372 (1,101) (13,579) (8,109) Turnover & Leverage
Chg. in cash (338) 4,809 (6,549) 1,515 6,548 Gross asset T.O (x) 8.5 8.0 6.5 6.7 6.8
Closing cash 11,726 15,118 8,569 10,084 16,632 Total asset T.O (x) 0.5 0.5 0.4 0.5 0.5
Int. coverage ratio (x) 7.4 5.0 3.0 3.6 4.5
Adj. debt/equity (x) 1.8 1.9 1.9 1.7 1.5
Valuation
EV/Sales (x) 2.3 1.7 2.5 2.1 1.8
EV/EBITDA (x) 20.6 15.4 22.5 17.3 14.9
P/E (x) 22.6 11.9 22.6 20.0 16.3
P/BV (x) 3.1 1.7 2.8 2.5 2.3

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Recommendation Summary Dates Rating Target
1,750 5-Aug-19 BUY 1,650
30-Oct-19 BUY 1,714
1,500
12-Feb-20 BUY 1,599
1,250 20-Apr-20 BUY 1,125

1,000 10-Jun-20 BUY 1,120

7-Aug-20 BUY 1,154
750
4-Nov-20 BUY 1,153
500 01-Feb-21 BUY 1,592
Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

Investment Rating Criteria

Ratings Large caps Midcaps Small Caps
Buy Upside is above 10% Upside is above 15% Upside is above 20%
Accumulate - Upside is between 10%-15% Upside is between 10%-20%
Hold Upside is between 0% - 10% Upside is between 0%-10% Upside is between 0%-10%
Reduce/sell Downside is more than 0% Downside is more than 0% Downside is more than 0%
Not rated

Definition:
Buy: Acquire at Current Market Price (CMP), with the target mentioned in the research note.
Accumulate: Partial buying or to accumulate as CMP dips in the future.
Hold: Hold the stock with the expected target mentioned in the note.
Reduce: Reduce your exposure to the stock due to limited upside. The stock may still be a quality stock.
Sell: Exit from the stock.
Not rated: The analyst has no investment opinion on the stock.

To satisfy regulatory requirements, we attribute ‘Accumulate’ as Buy and ‘Reduce’ as Sell.

The recommendations are based on 12 month horizon, unless otherwise specified. The investment ratings are on absolute positive/negative return
basis. It is possible that due to volatile price fluctuation in the near to medium term, there could be a temporary mismatch to rating. For reasons of
valuations/ return/lack of clarity/event we may revisit rating at appropriate time. Please note that the stock always carries the risk of being upgraded
to BUY or downgraded to a HOLD, REDUCE or SELL.

General Disclosures and Disclaimers

CERTIFICATION
I, Antu Eapen Thomas author of this Report, hereby certify that all the views expressed in this research report reflect our personal views about any or all
of the subject issuer or securities. This report has been prepared by the Research Team of Geojit Financial Services Limited, hereinafter referred to as
Geojit.

COMPANY OVERVIEW
Geojit, a publically listed company, is engaged in services of retail broking, depository services, portfolio management and marketing investment products
including mutual funds, insurance and properties. GEOJIT is a SEBI registered Research Entity and as such prepares and shares research data and reports
periodically with clients, investors, stake holders and general public in compliance with Securities and Exchange Board of India Act, 1992, Securities And
Exchange Board Of India (Research Analysts) Regulations, 2014 and/or any other applicable directives, instructions or guidelines issued by the Regulators
from time to time.

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GENERAL REPRESENTATION: The research reports do not constitute an offer or solicitation for the purchase or sale of any financial instruments,
inducements, promise, guarantee, warranty, or as an official confirmation of any transaction or contractual obligations of any kind. This report is provided
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publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as
such. We have also reviewed the research report for any untrue statements of material facts or any false or misleading information. While we endeavor to
update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing
so.

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 RISK DISCLOSURE: GEOJIT and/or its Affiliates and its officers, directors and employees including the analyst/authors shall not be in any way be
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Investors may lose
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FUNDAMENTAL DISCLAIMER: We have prepared this report based on information believed to be reliable. The recommendations herein are based on 12
month horizon, unless otherwise specified. The investment ratings are on absolute positive/negative return basis. It is possible that due to volatile price
fluctuation in the near to medium term, there could be a temporary mismatch to rating. For reasons of valuations/return/lack of clarity/event we may
revisit rating at appropriate time. The stocks always carry the risk of being upgraded to buy or downgraded to a hold, reduce or sell. The opinions expressed
are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. This report is non-inclusive and does
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CRISIL has provided research support in preparation of this research report and the investment rational contained herein along with financial forecast.
The target price and recommendation provided in the report are strictly Geojit’s views and are NOT PROVIDED by CRISIL. Further, CRISIL expresses no
opinion on valuation and the associated recommendations. CRISIL has no financial liability whatsoever, to the subscribers / users of this report.

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have an adverse effect on the value or price of or income derived from the investment. Investors in securities such as ADRs, the value of which are influenced
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REGULATORY DISCLOSURES: GEOJIT’s Associates consists of privately held companies such as Geojit Technologies Private Limited (GTPL- Software
Solutions provider), Geojit Credits Private Limited (GCPL- NBFC Services provider), Geojit Investment Services Limited (GISL- Corporate Agent for
Insurance products), Geojit Financial Management Services Private Limited (GFMSL) & Geojit Financial Distribution Private Limited (GFDPL), (Distributors
of Insurance and MF Units).In the context of the SEBI Regulations on Research Analysts (2014), GEOJIT affirms that we are a SEBI registered Research
Entity and in the course of our business as a stock market intermediary, we issue research reports /research analysis etc that are prepared by our Research
Analysts. We also affirm and undertake that no disciplinary action has been taken against us or our Analysts in connection with our business activities.
In compliance with the above mentioned SEBI Regulations, the following additional disclosures are also provided which may be considered by the reader
before making an investment decision:
1. Disclosures regarding Ownership*:
GEOJIT confirms that:
It/its associates have no financial interest or any other material conflict in relation to the subject company (ies) covered herein.
It/its associates have no actual beneficial ownership greater than 1% in relation to the subject company (ies) covered herein.
Further, the Analyst confirms that:
He, his associates and his relatives have no financial interest in the subject company (ies) covered herein, and they have no other material conflict in the
subject company.
He, his associates and his relatives have no actual/beneficial ownership greater than 1% in the subject company covered
2. Disclosures regarding Compensation:
During the past 12 months, GEOJIT or its Associates:
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3. Disclosure by GEOJIT regarding the compensation paid to its Research Analyst:
GEOJIT hereby confirms that no part of the compensation paid to the persons employed by it as Research Analysts is based on any specific brokerage
services or transactions pertaining to trading in securities of companies contained in the Research Reports.
4. Disclosure regarding the Research Analyst’s connection with the subject company:
It is affirmed that I, Antu Eapen Thomas, Research Analyst(s) of GEOJIT have not served as an officer, director or employee of the subject company
5. Disclosure regarding Market Making activity: ANTU EAPAN
Digitally signed by ANTU EAPAN THOMAS
DN: c=IN, o=GEOJIT FINANCIAL SERVICES LIMITED, ou=GEOJIT FINANCIAL SERVICES
LIMITED,

Neither GEOJIT/its Analysts have engaged in market making activities for the subject company.
2.5.4.20=3910b3d4e925c012a25efe32803b57a54cfe10a55f3a11833f669195da3bd971,

THOMAS
postalCode=682024, st=KERALA,
serialNumber=0a3a848e6013941043e45e447a32ca3f208029cfbb7d153712262f8c948bb58
d, cn=ANTU EAPAN THOMAS
Date: 2021.02.01 10:26:13 +05'30'

Please ensure that you have read the “Risk Disclosure Documents for Capital Market and Derivatives Segments” as prescribed by the Securities and
Exchange Board of India before investing.
Geojit Financial Services Ltd. (formerly known as Geojit BNP Paribas Financial Services Ltd.), Registered Office: 34/659-P, Civil Line Road, Padivattom,
Kochi-682024, Kerala, India. Phone: +91 484-2901000, Website: www.geojit.com. For investor queries: [email protected], For grievances:
[email protected], For compliance officer: [email protected].

Corporate Identity Number: L67120KL1994PLC008403, SEBI Stock Broker Registration No INZ000104737, Research Entity SEBI Reg No:
INH200000345, Investment Adviser SEBI Reg No: INA200002817, Portfolio Manager: INP000003203, Depository Participant: IN-DP-325-2017, ARN
Regn.Nos:0098, IRDA Corporate Agent (Composite) No.: CA0226

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