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On lower execution, Larsen and Toubro Ltd.’s Q1 FY22 consolidated revenue was up 38% y-o-y to Rs 293 billion, less than our estimate.
The Ebitda margin was 10.8% (largely, in line), a 319 basis point expansion y-o-y, aided by better cost management and operating leverage.
Excluding services, order inflow was a modest 11% up y-o-y due to delays in tendering and awarding.
For the rest of FY22, the overall opportunity pipeline continues to be strong at Rs 8.96 trillion (Rs 9.06 trillion at end-FY21).
We reiterate our positive stance on L&T’s execution pace of the robust order backlog (~Rs 3.24 trillion), sturdy balance sheet and no near competitor.
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