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
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) improves 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 Mar
Slide 4: Order Booking and Sales
Order Booking and Sales % Q3'05 Q3'04 Rs. Billion 9M'05 9M'04 FY'04 Change 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 FY'04 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 9M'05 9M'04 FY'04 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
Slide 7: Segment-wise Split of Income
Segment-wise Split of Income Business Segments Rs. Billion E&C Elec. Others Corp Total Total 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 Net Sales 75.94 7.57 4.83 - 88.34 Other Income 0.14 - 0.46 4.74* 5.34 Tot
Slide 8: Segmental Review
Segmental Review
Slide 9: Segmental Revenues
Segmental Revenues 9M'05 9M'04 Others Others 6% 8% Elect Elect. 10% 11% E&C E&C 84% 81%
Slide 10: Segmental EBITDA
Segmental EBITDA 9M'05 9M'04 Others Others 11% 9% Electrical Electrical 18% 18% E&C E&C 71% 73%
Slide 11: Engineering & Construction
Engineering & Construction
Slide 12: Engineering & Construction
Engineering & Construction % Q3'05 Q3'04 Rs. Billion 9M'05 9M'04 change FY'04 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 17.04 8.
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 for Govt. of Andhra Pradesh 3800 Mora - Talatheri pipeline for Gujarat State Petronet Ltd. 3520 EPC contract for Isomerisation Unit of Mangalore Refi
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
Slide 15: Sector-wise Order Backlog
Sector-wise Order Backlog 100% 9 13 17 17 19 80% 37 48 30 46 35 36 60% 17 14 10 40% 12 19 21 25 21 20 19 10 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
Slide 16: Engineering & Construction
Engineering & Construction % Q3'05 Q3'04 Rs. Billions 9M'05 9M'04 FY'04 change 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 1.1
Slide 17: Electricals & Electronics
Electricals & Electronics
Slide 18: Electrical & Electronics
Electrical & Electronics % Q3'05 Q3'04 Rs. Billions 9M'05 9M'04 change FY'04 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 EBITDA 1.0
Slide 19: Other Businesses
Other Businesses
Slide 20: Diversified Businesses - 'Others' Segment
Diversified Businesses - ‘Others’ Segment % Q3'05 Q3'04 Rs. Billion 9M'05 9M'04 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!