Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q4 2025 Earnings Presentation
38 slides from Larsen & Toubro's earnings presentation, May 8, 2025
Slide 1: Earnings Call Presentation Q4 / FY25
Earnings Call Presentation Q4 / FY25 08th May 2025
Slide 2: Disclaimer
L&T achieved the breakthrough in India’s longest railway tunnel – the 14.57 km Tunnel No. 8, on the 125-km Rishikesh-Karnaprayag Broad Gauge Rail Link Project Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitabilit
Slide 3: Key Highlights
Key Highlights Mumbai Ahmedabad High Speed Rail Project Package 6 3
Slide 4: FY25 - All round performance amidst continuing macro-economic volatility
FY25 - All round performance amidst continuing macro-economic volatility Order Inflow Revenue Order Book ₹ 3566 bn ₹ 2557 bn ₹ 5791 bn up 18% y-o-y up 16% y-o-y up 22% y-o-y Reported PAT NWC / Revenue ₹ 150 bn 11.0% Lowest in a decade up 15% y-o-y Strong FCF ROE Dividend @ generated at ₹ 34 per ₹ 17
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q4 FY24 Q4 FY25 (y-o-y) Particulars FY24 FY25 (y-o-y) 721 896 24% Order Inflow 3028 3566 18% Order Book 4758 5791 22% 671 744 11% Revenue 2211 2557 16% 10.8% 11.0% EBITDA (%) 10.6% 10.3% 43 50 17% Recurring PAT 130 146 12% 44 55 25% Reported PAT 131 150 15%
Slide 6: Group Performance Summary
Group Performance Summary CRPO 80/81 Project Zuluf Wellhead Platforms Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 6
Slide 7: Q4 / FY25 Order Inflow/Order Book
Q4 / FY25 Order Inflow/Order Book (Amount in ₹ bn) Order Inflow Order Book 24% 18% 22% Q4 FY24 Q4 FY25 1809 FY25 269 627 896 1491 2075 3566 2636 4758 5791 3155 FY24 469 252 721 1397 1631 3028 2949 31-Mar-24 31-Mar-25 Domestic International • Another year of record order inflow aided by large orders
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA Q4 FY24 Q4 FY25 % Var ₹ Billion FY24 FY25 % Var Remarks for the quarter 670.8 743.9 11% Revenue 2211.1 2557.3 16% • Strong execution momentum in Energy (49% yoy) 45% 49% International Rev. 43% 50% and Hi-Tech Manufacturing (36% yoy) businesses drive revenue gr
Slide 9: Group P&L Construct – EBITDA to PAT
Group P&L Construct – EBITDA to PAT Remarks for the quarter Q4 FY24 Q4 FY25 % Var Rs Billion FY24 FY25 % Var 72.3 82.0 13% EBITDA 234.9 264.3 13% • Decline in finance cost primarily due to lower debt and rate of borrowing in parent (9.3) (7.5) -19% Finance Cost (35.5) (33.3) -6% (10.2) (10.5) 3% Dep
Slide 10: Segment Performance Summary
Segment Performance Summary Keonjhar Water Supply Project 10
Slide 11: Segment Composition
Segment Composition Infrastructure Energy Projects IT & TS Others Projects LTIMindtree Buildings & Factories Buildings Hydrocarbon & Factories Buildings & Factories Realty LTTS CarbonLite Solutions Industrial Machinery & Heavy Civil Digital Platforms Products Green and Clean Data Centers Water Energ
Slide 12: Order Inflow Composition – Q4 / FY25
Order Inflow Composition – Q4 / FY25 Q4 FY25 Rs. 896 Bn FY25 Rs. 3566 Bn Hi-Tech Hi-Tech Manufacturing, 3% Manufacturing, 5% Others, 3% Others, 3% Energy, 36% Energy, Segment 25% Services, 19% Services, 20% Infrastructure, Infrastructure, 39% 49% ROW, 18% ROW, 10% USA & Europe, Geography 14% India,
Slide 13: Order Book as on 31-Mar-2025
Order Book as on 31-Mar-2025 Segment Geography Energy, 28% Middle East, 37% Hi-Tech Manufacturing, 7% ROW, 9% Others, 3% India, 54% Infrastructure, 62% Order Book : ₹ 5791 Bn 13
Slide 14: Revenue Composition – Q4 / FY25
Revenue Composition – Q4 / FY25 Q4 FY25 Rs.744 Bn FY25 Rs. 2557 Bn Hi-Tech Others, 3% Hi-Tech Manufacturing, 4% Manufacturing, 5% Others, 3% Energy, 16% Services, 26% Segment Energy, 16% Services, 24% Infrastructure, Infrastructure, 52% 51% USA & Europe, 14% ROW, 3% USA & Europe, ROW, 3% 16% Geograp
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 2% Net Revenue: 15% 1125.5 1299.0 380.3 389.0 137.8 338.4 165.3 538.2 760.8 242.5 787.1 223.7 Q4 FY24 Q4 FY25 FY24 FY25 7.9% EBITDA Margin 8.0% 6.2% EBITDA Margin 6.4% Domestic DomesticInternational Remarks for the quarter • Strong intern
Slide 16: Energy Projects Segment
Energy Projects Segment* (Amount in ₹ bn) Net Revenue: 49% Net Revenue: 38% 295.4 406.7 122.5 82.0 139.9 75.2 123.9 50.1 171.5 266.8 31.9 47.3 Q4 FY24 Q4 FY25 FY24 FY25 11.4% EBITDA Margin 8.1% 10.0% EBITDA Margin 8.4% Domestic DomesticInternational Remarks for the quarter • Receipt of an ultra mega
Slide 17: Hi-Tech Manufacturing Segment
Hi-Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 36% Net Revenue: 18% 82.0 97.0 33.5 20.6 24.6 7.8 25.3 6.2 25.7 56.7 76.4 18.4 Q4 FY24 Q4 FY25 FY24 FY25 16.7% EBITDA Margin 19.5% 16.3% EBITDA Margin 17.3% Domestic DomesticInternational Remarks for the quarter • Lower order inflow in He
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment (Amount in ₹ bn) Net Revenue: 11% Net Revenue: 8% 444.7 478.5 112.4 124.8 93.3 101.7 28.3 24.3 88.0 96.3 351.2 376.2 Q4 FY24 Q4 FY25 FY24 FY25 20.0% EBITDA Margin 18.2% 20.4% EBITDA Margin 19.5% LTIMindtree Domestic LTTS Remarks for the quarter • LTIMindtree revenue
Slide 19: Financial Services Segment
Financial Services Segment Q4 Q4 % Var Rs. Bn FY24 FY25 % Var FY24 FY25 36.0 38.1 6% Income from Operations 131.1 151.9 16% 5.5 6.4 15% PAT 23.2 26.4 14% 3.7 4.1 13% PAT (Net of NCI) accruing to the group 15.3 17.4 13% Book 855.6 977.6 14% Retail Book % 94% 97% 5 Pillar Strategy - On track to achiev
Slide 20: Development Projects Segment
Development Projects Segment * (Amount in ₹ bn) Net Revenue: 2% Net Revenue: 4% 56.2 53.7 12.6 12.3 2.3 11.0 4.1 13.9 10.3 8.1 42.3 42.7 Q4 FY24 Q4 FY25 FY24 FY25 17.3% EBITDA Margin 32.9% 23.7% EBITDA Margin 19.9% Power Development DomesticHyderabad Metro Remarks for the quarter • Segment includes
Slide 21: Others Segment
Others Segment * (Amount in ₹ bn) Net Revenue: 4% Net Revenue: 7% 76.3 70.6 22.8 23.7 2.6 2.5 8.8 7.5 20.2 21.2 68.8 61.8 Q4 FY24 Q4 FY24 Q4 FY25 Q4 FY25 FY24 FY25 22.6% EBITDA Margin 36.7% 21.2% EBITDA Margin 29.2% Domestic DomesticInternational Remarks for the quarter • Segment majorly comprises R
Slide 22: Strategic Plan Progress
Strategic Plan Progress 132kV Asayel Jumeirah Substation, UAE Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 22
Slide 23: Strategic Plan (FY21 – FY26) Progress
Strategic Plan (FY21 – FY26) Progress Strat Plan Target Current Status CAGR CAGR Rs Trillion, % FY21 FY26 FY25 (FY21 - FY26) (FY21 - FY25) Order Inflow 1.7 3.4 14% 3.6 19% Revenue 1.4 2.7 15% 2.6 17% ROE 10% 18% 16.3% 23
Slide 24: Return Ratios – 5 Year Trend
Return Ratios – 5 Year Trend Modular Bridging System Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 24
Slide 25: Return ratios continue to improve in the Projects & Manufacturing portfolio
Return ratios continue to improve in the Projects & Manufacturing (P&M)* portfolio (Amount in ₹ crore) Particulars FY21 FY22 FY23 FY24 FY25 Growth over FY21 Gross Segment Revenue (P&M) 94639 109800 126211 160837 190001 101% Y-o-Y% -11% 16% 15% 27% 18% Segment Result (PBIT) 8230 8842 9305 11069 13452
Slide 26: The Journey of Improving Return ratios at Group level
The Journey of Improving Return ratios at Group level (Amount in ₹ crore) FY25 P&M IT&TS FS DP Corporate Total Gross Revenue 190001 48453 15194 5372 0 255734# Segment Result (PBIT) 13452 7682 3491 757 1055 26438# Segment Funds Employed 38398 37703 23877 18063 31396 149437 Segment Result / Segment Fu
Slide 27: Improving Working Capital Ratios – GWC and NWC
Improving Working Capital Ratios – GWC and NWC (Amount in ₹ crore) Particulars FY21 FY22 FY23 FY24 FY25 Consolidated Revenue 122575 144550 170766 208004 240541 (excluding Financial Services) Y-o-Y% -6% 18% 18% 22% 16% Gross Working Capital (GWC) 97548 106029 106445 115203 119855 (excluding Financial
Slide 28: Outlook
Outlook 160 KTPA Zinc Roaster, Debari, Rajasthan Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 28
Slide 29: Seismic shifts leading to an “Ambiguous World Order”
Seismic shifts leading to an “Ambiguous World Order” Operational Excellence ₓ Trade Conflicts Cash Operational Excellence Flow ✓ Emergence of new businesses i.e ₓ Military Conflicts Focus Renewables, Green Hydrogen, Timely Balance Sheet Offshore Wind Execution Management ₓ Corrosion of Globalisation
Slide 30: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Harish Barai (Harish.Barai@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 30
Slide 31: Balance Sheet
Balance Sheet ₹ Billion Mar-24 Mar-25 Incr / (Decr) Equity & Reserves 864 977 113 Non Controlling Interest 162 177 16 Borrowings - Financial Services 761 920 160 Development Projects 165 156 -9 Others 214 219 5 Sources of Funds 2166 2450 284 Fixed Assets (incl ROU assets) 185 194 9 Intangible Assets
Slide 32: Cash Flow
Cash Flow Q4 FY24 Q3 FY25 Q4 FY25 ₹ Billion FY24 FY25 80.5 66.8 81.1 Operating Profit 249.3 268.3 96.0 (23.5) 41.4 Changes in Working Capital [(Inc)/Dec] 39.2 (2.3) (13.8) (12.2) (15.8) Direct Taxes (Paid) / Refund [Net] (52.8) (56.0) 162.7 31.1 106.7 Net Cash from / (used in) Operations (A) 235.8 2
Slide 33: Segment Details – Q4 FY25
Segment Details – Q4 FY25 Q4 FY24 Q4 FY25 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 38035 3012 7.9% 38901 3109 8.0% Energy Projects Segment 8205 933 11.4% 12249 998 8.1% Hi-Tech Manufacturing Segment 2462 412 16.7% 3354 653 19.5% Others
Slide 34: Segment Details – FY25
Segment Details – FY25 FY24 FY25 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 112551 6984 6.2% 129897 8362 6.4% Energy Projects Segment 29539 2946 10.0% 40668 3429 8.4% Hi-Tech Manufacturing Segment 8196 1337 16.3% 9695 1681 17.3% Others S
Slide 35: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 131.2 322.0 >100% Energy Segment 737.9 875.7 19% Order Inflow 126.8 319.2 >100% Hydrocarbon 709.0 634.0 -11% 4.2 2.8 -34% CarbonLite Solutions 28.7 241.5 >100% 82.0 122.5 49% Energy Segment 295.4 406.7 38%
Slide 36: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 12.6 12.3 -2% Development Projects 56.2 53.7 -4% Revenue 2.3 4.1 80% Hyderabad Metro 13.9 11.0 -21% 10.3 8.1 -21% Nabha Power 42.3 42.7 1% Development Projects 17.3% 32.9% 1570 bps Development Projects 23.7
Slide 37: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q4 FY24 % Int Q4 FY25 % Int FY24 % Int FY25 % Int 31-Mar-24 % Int 31-Mar-25 % Int Infrastructure Projects 31340 22% 34580 55% 142589 38% 173226 61% 311665 27% 357073 39% Energy Projects 13120 52% 32201 97% 73788 87% 8756
Slide 38: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates Q4 FY24 Q4 FY25 ₹ Bn FY24 FY25 0.09 0.10 L&T Power JVs (0.04) 0.08 (0.01) 0.08 L&T Hydrocarbon JVs (0.25) (0.28) 0.01 0.05 Others** 0.07 0.07 0.10 0.22 Total (0.23) (0.14) ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segment 38