BSE: LT - Larsen & Toubro Limited

Yield per half year: -12.94%
Dividend yield: +1.47%
Sector: Industrials

Reporting Larsen & Toubro Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ₹			2 541.39	1 868.27	1 946.34			3 040	2 980		3 710	2475.20	3.24
Выручка, млрд ₹		30.66	32.48	37.47	50.78	56.19	54.5	65.7	88.16	2 191.16	2 191.16	491.14	108.07
Чистая прибыль, млрд ₹		4.19	4.25	5.06	7.66	8.19	6.63	9.57	12.12	130.59	130.59	33.42	73.99
EV, млрд ₹			3 215.65	2 597.99	2 687.65	2 384.63	1 344.06	1 285.92	1 244.32	4 289.43	4 289.43	2109.67	12.46
EBIT, млрд ₹	98.59	95.47	106.17	132.43	154.09	162.79	161.78	175.16	202.37		202.37	171.24	5.60
EBITDA, млрд ₹				150.79	184.21	186.16	190.53	204.04	238.18		238.18	200.62	5.27
Баланс стоимость, млрд ₹		10.66	14.86	19.36	24.79	27.69	34.73	41.63	49.51	863.59	863.59	203.43	98.97
FCF, млрд ₹				-129.08	-89.99	32.57	210.36	160.53	186.33	137.5	137.5	145.46	33.38
Операционный денежный поток, млрд ₹		5.28	66.55	-100.31	-47.56	65.42	230.72	191.64	13.05	182.66	182.66	136.70	22.80
Операционная прибыль, млрд ₹		4.61	5.23	4.87	8.11	9.28	7.89	12.01	15.27	217.31	217.31	52.35	87.89
Операционные расходы, млрд ₹		924.09	985.58	1 057.53	1 241.05	1 284.82	1 232.59	1 363.18	1 660.9	1 973.85	1 973.85	1503.07	8.97
CAPEX, млрд ₹		1.28	29.77	28.77	43.07	34.37	18.08	31.11	1.76	45.17	45.17	26.10	5.62

	2017Q4	2018Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд ₹	2 168.49	1 885.12			1 931.17																				1994.93	-3.79
Выручка, млрд ₹															18.74	19.95	64.45	23.71	23.01	23.87	551.28	650.81	551.2	615.55	478.54	91.55
Чистая прибыль, млрд ₹															2.74	2.82	8.72	3.4	3.11	3.15	29.47	43.96	27.86	33.95	27.68	60.88
EV, млрд ₹														1 285.92		1 351.56		1 239.06		1 391.52		4 289.43		6 187.46	2891.81	35.56
EBIT, млрд ₹			36.1	39.89	39.32	51.3	17.26	38.94	53.45							47.78	50.03	67.77							51.59	11.72
EBITDA, млрд ₹										74.17	38.19	45.27	51.02	69.56	46.51	56.38	59.64	75.74	60.14						59.68	5.27
Баланс стоимость, млрд ₹												38.13	40.04	41.63		44.52	46.01	44.35	48.17	47.89		863.59		892.3	379.26	82.27
Операционный денежный поток, млрд ₹				2.72		6.38		6.81		13.27		4.61		10.06		5.74		13.05		5.7					7.83	4.34
Операционная прибыль, млрд ₹															3.43	3.63	11.04	4.23	3.95	4.08	48.38	81.33	46.17	53.38	46.67	67.24
Операционные расходы, млрд ₹															328.6	387.23	421.42	523.56	438.44	463.02	502.9	569.49	505.02	562.16	520.52	3.96
CAPEX, млрд ₹				0.833		1.53		0.473		0.771		0.403		1.62		1.23		1.76		1.43					1.29	28.83

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ₹			0.168	0.164	0.129	0.601	0.037	1.56	1.83	3.04	119.59	119.59	25.21	403.38
Short Term Investments ₹			74.94	153.57	103.64	147.92	145.76	15.72	18.31	22.64	366.74	366.74	113.83	20.27
Long term investments ₹	14.33	16.47	35.9	54.54	58.47	73.75							47.83	34.96
Total Receivables ₹			8.73	633.81	765.68	840.71	407.32	422.3	461.39	447.32	487.71	487.71	445.21	3.67
Total Current Assets ₹			11.65	1 218.41	1 416.3	1 667.91	1 826.9	1 949.67	2 082.03	51.41	2 180.8	2 180.8	1618.16	3.60
Чистые активы, млрд ₹		236.69	1.21	131.78	127.85	133.73	155.55	137.96	137.38	6.6		6.6	114.24	-45.21
Активы, млрд ₹			19.42	22.33	27.05	33.64	43.03	50.73	60.91	69.17	3 396.27	3 396.27	724.02	139.58
Short Term Debt ₹	803.3	83.04	1.96	1.02	0.702	0.702	0.303				575.33	575.33	115.61	255.03
Long Term Debt ₹			612.24	673.4	729.15	741.21	586.21	517.26	4.28	3.73	565.07	565.07	335.31	-0.73
Задолженность, млрд ₹			8.76	7.47	7.69	8.85	15.35	16	19.29	19.66	2 370.78	2 370.78	488.22	174.00
Чистый долг, млрд ₹					1 006.89	1 190.46	1 296.83	1 192.32	1 096.98	1 015.87	1 020.81	1 020.81	1124.56	-4.67
Долг, млрд ₹	1 357.75	738.41	614.19	674.42	729.85	741.91	586.51	504.85			1 140.4	1 140.4	740.70	9.34
Interest income ₹			0.749	0.454	1.2	1.1	0.717	0.428	1.26	0.444			0.7898	-16.59
Расходы на обслуживание долга ₹						17.56	27.23	39.05	30.55	32.07	35.37	35.37	32.85	5.37
Чист. проц. доходы, млрд ₹				-11.57	-12.17	-12.4	-23.38	-39.13	-21.55	-32.07	24.47	0.444	-18.3320	-200.92
Goodwill ₹	21.36	22.15	4.22	4.22	4.92	5.37	5.46	5.83	5.88	6.01			5.71	2.28
Себестоимость, млрд ₹			0.497	0.496	0.537	0.867	1.08	1.42	1.7	1.98	1 460.29	1 460.29	293.29	322.87
Товарно материальные запасы ₹			48.54	41.4	48.48	64.14	57.47	58.21	59.43	68.29	66.2	66.2	61.92	2.87

	2017Q1	2017Q3	2018Q1	2018Q3	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ₹													2.33	4.97	7.71	7.08	137.7		113.18		169.27		124.66		119.59		102.05	125.75	-2.05
Short Term Investments ₹															13.92	14.36	16.48		18.99	18.99	22.84	17.73	14		366.74		500.12	184.29	85.39
Long term investments ₹	59.55	64.61	58.47	77.21	73.75		62.63																					67.33	-0.62
Total Receivables ₹															14.9	18.79	16.96		443.2	21.53	1 039.51	33.01	27.29		487.71		511.43	419.79	-13.23
Total Current Assets ₹															39.58	43.66	43.25		2 041.87	50.54	65.52	60.56	56.93		2 180.8		2 290.7	930.90	103.57
Чистые активы, млрд ₹													6.38	6.06	6.65	6.33	6.5		150.21	6.89	6.69	6.63	8.73					35.83	-43.39
Активы, млрд ₹															56.15	60.26	60.91		63.32	66.7	81.98	76.97	77.11		3 396.27		3 566.08	1439.68	112.67
Short Term Debt ₹					514.34	0.276	0.284	0.214	0.303	0.755	0.295	0.219													575.33		726.13	260.55	295.01
Long Term Debt ₹									938.94		929.26		885.56		845.33		616.18		567.81		612.18		4.43		565.07		509.58	451.81	-2.14
Задолженность, млрд ₹															18.02	20.22	19.29		18.8	20.69	37.63	28.8	29.22		2 370.78		2 506.27	994.54	131.58
Чистый долг, млрд ₹											1 384.64		1 192.32		1 142.86		1 096.98		1 157.29		1 015.87		1 072.71		1 020.81		1 133.66	1080.07	-0.41
Долг, млрд ₹	1 613.17	789.71	881.92	888.18	1 255.55		900.78		939.25		929.55														1 140.4		1 235.72	1029.14	6.53
Interest income ₹														0.108	0.113	0.111	0.105	0.108	0.131	0.33	0.114	0.12	0.126					0.1642	-0.78
Расходы на обслуживание долга ₹																		7.56	8.36	8.02	8.13	8.51	8.64	9.04	9.17	8.61	8.84	8.86	0.46
Чист. проц. доходы, млрд ₹															-7.79	-8.14	2.66	-7.56	-8.36	-8.02	-8.13	-8.51	-8.64	-9.04				-8.4680	2.42
Goodwill ₹					18.27		5.39		5.46		5.43		5.83		5.85		5.88		5.99		6.01		6.03					5.95	0.61
Себестоимость, млрд ₹																		209.77	267.42	293.88	394.87	307.63	324.73	366.69	460.45	356.07	410.13	383.61	4.78
Товарно материальные запасы ₹									57.47		53.62		58.21		58		59.43		63.71		68.29		0.024		66.2		72.75	54.19	2.69

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	41.23	48.87	52.18	68.81	74.27	86.16	90.68	114.86	95		95	92.19	5.05
Цена акции ао		1256.95	1438.5	1298.95	1287.55	1895	2086.3	3527.05	3608	3188.4	3188.4	2860.95	10.97
Число акций ао, млн		1801.67	1404.14	1405.09	1405	1405	105.53	105.53	1374.67		1374.67	879.15	-0.44
FCF/акцию			-91.93	-64.05	23.2	2002.6	1521.14	1765.64	100.02		100.02	1082.52	33.94

	2017Q4	2018Q4	2019Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
EPS						29.84	12.1	18.36	18.15	32.23	29.49	29.9	21.42	31.98	24.69	27.50	-3.49
Цена акции ао				1629.16	1830.3	1855.89	1630.51	1821.93	2029.39	2161.76	2292.45	2684.9	3157.16			2465.13	9.24
Число акций ао, млн	1801.67	1404.14	1405.09													1536.97	-7.95

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			39.31	28.6	26.13	30.88	29.57	19.1	25.07	26.6	28.6		28.6	13.73	25.79	-0.66
ROA, %			21.58	19.03	18.71	22.76	19.02	13.08	17.14	18.64	7.54		7.54	10.55	15.08	-16.89
ROIC, %	3.48	5.31	1.15	3.08	3.29	3.92	7.73	82.37						16.76	20.08	92.95
ROS, %				13.08	13.5	15.08	14.57	12.17	14.57	13.75	5.96	5.96	5.96	11.18	10.48	-13.31
ROCE, %			895.55	714.65	683.91	621.54	588	465.8	-11.42	374.52		19.73	19.73	7.25	287.33	-49.28
Ebit margin, %							289.71	296.85	266.62	229.56		9.24	9.24		218.40	-49.80
Рентаб EBITDA, %					402.42	362.74	331.31	349.62	310.58	270.19		10.87	10.87	17.01	254.51	-49.51
Чистая рентаб, %			13.67	13.08	13.5	15.08	14.57	12.17	14.57	13.75	5.96		5.96	11.18	12.20	-16.37
Operation Margin, %				16.1	12.99	15.96	16.51	14.48	18.27	17.32	9.92	9.92	9.92	13.79	13.98	-7.29
Доходность FCF, %					-6.91	-4.62									-5.7650	-18.23

	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %										6.03	6.21	6.29		6.34	18.95	7.8	6.92	6.83		29.54		9.51	13.73	12.12	4.04
ROA, %										4.1	4.13	4.3		4.46	13.07	4.58	3.91	4.09		2.53		0.9753	10.55	3.22	-26.61
ROIC, %		0.3327		0.4379		0.3193																	16.76	0.3633	-1.36
ROS, %													14.63	14.15	13.53	14.35	13.52	13.22	5.35	6.75	5.05	5.52	11.18	7.18	-16.03
ROCE, %	136.13	28.53	143.03	185.28	58.42	125.73	164.22							107.31	108.74	-18.54							7.25	97.49	-168.19
Рентаб EBITDA, %								514.9	251.55	281.58	302.33	396.1	248.25	282.59	92.54	319.49	261.33						17.01	240.84	1.03
Чистая рентаб, %													14.63	14.15	13.53	14.35	13.52	13.22	5.35	6.75	5.05	5.52	11.18	7.18	-16.03
Operation Margin, %													18.33	18.18	17.13	17.86	17.18	17.08	8.78	12.5	8.38	8.67	13.79	11.08	-12.68

Coefficients

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		598.12	369.22	254.22	132.89	22.88	19.74	18.85	25.03		25.03	55.56	43.88	-28.39
P/BV		171.07	96.48	78.51	39.29	4.37	4.54	4.61	3.19		3.19	7.99	11.20	-39.48
P/S		78.24	49.86	38.33	19.36	2.78	2.88	2.59	1.49		1.49	4.61	5.82	-40.12
P/FCF			-14.47	-21.63				19.91	26.98	26.98	26.98	34.98	7.55	-213.27
E/P		0.0017	0.0027	0.0039				0.0033	0.0352	0.0352	0.0352	0.04	0.0161	67.12
EV/EBITDA			17.23	14.59	12.81	7.05	6.3	5.22			5.2	22.84	9.19	-18.58
EV/EBIT					14.65	8.28	7.34	6.15	21.2	21.2	21.2		12.83	20.69
EV/S		98.99	69.33	52.92	52.64	24.7	19.57	14.12	1.96	1.96	1.96	3.97	12.46	-39.76
EV/FCF			-20.13	-29.86	90.81	6.4	8.01	6.68	31.2	31.2	31.2	33.35	16.70	37.28
Debt/EBITDA			4.84	4.03	3.15	0.0211		5.08	4.79	4.79	4.79	1.39	3.57	8.74
Netdebt/Ebitda			6.68	6.46	6.97	6.26	5.38	4.27	4.29	4.29	4.29	1.04	4.90	-7.28
Debt/Ratio	31.62	30.2	26.98	22.05	13.63	0.0791		17.49	0.3358	0.3358	0.3358	0.11	6.37	-52.32
Debt/Equity	57.61	45.4	37.69	29.93	21.18	0.1156		183.33	1.32	172.74	172.74	3.20	75.74	52.16
Debt/Net Income	146.55	158.72	144.24	96.91	71.65	0.6053		99.83	8.73	8.73	8.73	8.89	37.91	-34.36
Бета							0	2.57	0.2606	1.94	1.94	3.03	1.59	-8.95
Индекс Альтмана			103	89.39			0	74.68	2.19	2.19	2.19	9.35	54.29	-53.71

	2017Q1	2017Q3	2017Q4	2018Q1	2018Q3	2018Q4	2019Q1	2019Q3	2019Q4	2020Q1	2020Q3	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2024Q1	2024Q3	2025Q1	Industry average	5 quarters average	CAGR 5
P/E									946.19					67.33	34.71	23.96	15.55	14.94	14.46	17.34	19.24	31.67		55.56	19.53	16.21
P/BV									70.24					4.99	4.54	4.36	4.79	5.03	5.42	6.66	3.19	4.77		7.99	5.01	-1.06
P/S									135.72					9.85	5.14	3.49	2.16	2.06	1.99	2.36	2.08	2.69		4.61	2.24	5.48
E/P			0.0069			0.0108			0.0011															0.04	0.0063	-45.78
EV/EBITDA															6.3	6.05		5.22						22.84	5.86	-6.08
EV/S																				58.31	6.59	10.05		3.97	24.98	-44.35
Debt/EBITDA										16.47	23.87													1.39	20.17	20.39
Netdebt/Ebitda											35.56	16.08	25.25		15.77	20.53		13.41						1.04	18.21	-3.57
Debt/Ratio	0.7607	0.3516		0.3599	0.3393		0.4498	0.8578		21.83	20.55										0.3358	0.3465		0.11	8.78	-16.58
Debt/Equity	3.21	1.55		1.58	1.58		2.01	6.44		33.93	30.02										1.32	1.38		3.20	14.62	-26.52
Debt/Net Income	53.34	43.39		27.84	39.82		36.73	437.7		458.62	561.66										25.94	36.4		8.89	304.06	-39.19
Бета																							1.94	3.03	1.94	0.00
Индекс Альтмана																							2.19	9.35	2.19	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	13.23	3.02	17.02	19.61	22.43	39.3	36.51	3.17	42.17		42.17		28.72	13.46
Дивиденд		12.17	14	16	18	27	18	22	24	28	28		23.80	0.73
Див доход, ао, %		0.8977	0.9925	1.2	1.3	2.65	1.14	2.24	0.8252	1.47	1.47	0.92	1.67	-11.12
Дивиденды / прибыль, %		72.06	400.45	387.5	293	480.04	550.41	264.2	26.13	32.29	32.29	27.41	270.61	-41.71

	2016Q3	2017Q3	2018Q3	2019Q3	2020Q1	2020Q3	2020Q4	2021Q1	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд				1.4	2.19	1.41		2.2	1.52	3.63	1.58	3.17	3.17		2.61	15.84
Дивиденд	12.17	14	16	18	1	8	18		18		22		24		18.00	24.57
Див доход, ао, %	0.8054	1.13	1.22	1.29	0.8407	0.8576	1.69		1.1		1.21		0.8939	0.92	1.15	0.83
Дивиденды / прибыль, %				68.22	106.74	85.32		113.01	66.22	138.66	56.06	93.12	100.51	27.41	90.91	8.70

	Industry average	5 quarters average	CAGR 5

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IFRS

Reporting Annual

	2020	2021	2023	2024	CAGR 5
Всего задолженность	1447.29	1374.08			-2.56
Персонал, чел			49039	49039	0.00

	CAGR 5

	CAGR 5