Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — 9M FY2005 Earnings Presentation
21 slides from Larsen & Toubro's earnings presentation, Jan 24, 2005
Slide 1: Larsen & Toubro Limited Performance Review
LARSEN & TOUBRO LIMITED Performance Review Nine months ending December 31, 2004 January 24, 2005 1
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The r
Slide 3: Highlights
Highlights • All round growth during the first 9 months – Sales increase by 44% – PBDIT (pre-exceptional) improves 25% – PAT (pre-exceptional) improve 20% • Outlook for the year – E&C order booking expected to grow by 15% – E&C revenues to grow 35% – Electrical Business to maintain growth – E&C Marg
Slide 4: Order Booking and Sales
Order Booking and Sales % Q3 05 Q3 04 Rs. Billion 9M05 9M04 Change FY04 35.48 41.37 Order Booking* 90.17 100.27 -10% 132.38 32.68 24.81 Sales 89.60 62.20 44% 98.07 Other Income 1.02 0.38 - Recurring/Operating 1.69 1.33 27% 2.58 0.45 0.06 - Others 4.01 1.13 1.39 34.15 25.25 Total Revenue 95.30 64.66
Slide 5: Details of Other Income
Details of Other Income Q3'05 Q3'04 FY04 Rs. Million 9M'05 9M'04 38 42 230 Hire Income from plant & machinery / lease rental 126 137 166 107 447 RMC freight and pumping charges 482 273 28 49 210 Commercial leadership fees from IJVs 94 150 582 104 671 Exchange fluctuation on trade assets/liabilities
Slide 6: Net Income
Net Income % Q3 05 Q3 04 Rs. Billion 9M05 9M04 FY04 change 2.23 1.74 PBDIT (Pre exceptional) 5.50 4.40 25% 8.91 6.5% 6.9% PBDIT/ Revenue (pre exceptional) 5.8% 6.8% 8.7% 0.14 0.09 Interest 0.37 0.23 0.37 0.22 0.18 Depreciation 0.64 0.61 0.85 1.87 1.47 PBT 4.49 3.56 26% 7.69 0.56 0.54 Tax - Current 1
Slide 7: Segment-wise split of Income
Segment-wise split of Income Busine ss Se gme nts Rs. Billion E&C Ele c. O the rs Corp Total T otal Sales 76.45 8.63 5.40 90.48 Inter-segment Sales - 0.38 0.50 0.88 Customer Sales 76.45 8.25 4.90 89.60 Excise Duty 0.51 0.68 0.07 1.26 Ne t Sale s 75.94 7.57 4.83 - 88.34 Other Income 0.14 - 0.46 4.74*
Slide 8: Segmental Review
Segmental Review 8
Slide 9: Segmental Revenues
Segmental Revenues 9M '05 9M '04 Others Others Elect 6% Elect. 8% 10% 11% E&C 84% E&C 81% 9
Slide 10: Segmental EBITDA
Segmental EBITDA 9M '05 9M '04 Others Others 11% 9% Electrical Electrical 18% 18% E&C 71% E&C 73% 10
Slide 11: Engineering & Construction
Engineering & Construction 11
Slide 12: Engineering & Construction
Engineering & Construction % Q3 05 Q3 04 Rs. Billion 9M 05 9M 04 FY 04 change Order Booking : 28.99 32.04 Domestic 63.52 71.21 (11%) 97.52 1.87 4.92 Export 12.87 17.37 (26%) 18.81 30.86 36.96 Total 76.39 88.58 (14%) 116.33 Gross Sales: 21.71 16.94 Domestic 59.41 42.61 39% 68.95 6.44 3.85 Export 17.0
Slide 13: E&C – Major Domestic Orders in Q3
E&C – Major Domestic Orders in Q3 Rs. Million Veligonda Project – closing of the Gottipadia gap, excavation of Gottipadia Canal Works and distribution 3800 for Govt. of Andhra Pradesh Mora- Talatheri pipeline for Gujarat State Petronet Ltd. 3520 EPC contract for Isomerisation Unit of Mangalore 2650
Slide 14: E&C – Major International Orders in Q3
E&C – Major International Orders in Q3 Rs. Million Manufacture and supply of reactors for Shenhua Direct Coal Liquefaction Project in inner Mongolia, China 570 Manufacture and supply of Ethylene Oxide Reactors for Equate Petrochemicals Company, Kuwait 450 14
Slide 15: Sector-wise Order Backlog
Sector-wise Order Backlog 100% 13 9 17 17 19 80% 37 48 30 46 35 36 60% 17 14 10 40% 12 19 21 25 21 20 10 19 20% 8 17 17 17 19 15 8 5 0% '99-00 '00-01 '01-02 '02-03 '03-04 9M-05 Process Oil & Gas Power Infrastructure Others 15
Slide 16: Engineering & Construction
Engineering & Construction Q3 05 Q3 04 Rs. Billions 9M' 05 9M'04 % change FY 04 28.21 20.86 Total Revenues (1) 76.59 51.27 49% 82.52 0.13 0.82 Excise Duty 0.51 1.19 1.54 28.08 20.04 Net Revenues 76.08 50.08 80.98 1.58 1.32 EBITDA (2) 3.90 3.08 27% 6.69 5.6% 6.3% EBITDA/Tot. Rev. 5.1% 6.0% 8.1% 1.44
Slide 17: Electricals & Electronics
Electricals & Electronics 17
Slide 18: Electrical & Electronics
Electrical & Electronics % Q3 05 Q3 04 Rs. Billions 9M' 05 9M'04 FY'04 change 2.71 2.23 Domestic Sales 7.64 6.26 22% 8.96 0.25 0.16 Exports 0.6 0.43 40% 0.62 2.96 2.39 Total Revenues (1) 8.24 6.69 23% 9.58 0.23 0.20 Excise Duty 0.68 0.54 0.76 2.73 2.19 Net Revenues 7.56 6.15 23% 8.82 0.35 0.34 EBITD
Slide 19: Other Businesses
Other Businesses 19
Slide 20: Diversified Businesses - “Others” Segment
Diversified Businesses - “Others” Segment % Q305 Q304 Rs. Billion 9M05 9M04 FY'04 change 1.53 1.49 Domestic Sales 4.84 4.23 14% 6.17 0.02 0.08 Exports 0.07 0.21 -67% 0.30 0.14 0.15 Other Income 0.46 0.27 70% 0.38 1.69 1.72 Total Revenues (1) 5.37 4.71 14% 6.85 0.02 0.04 Excise Duty 0.07 0.11 0.15 1.
Slide 21: Thank You!
Thank You! 21