Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q3 2025 Earnings Presentation
31 slides from Larsen & Toubro's earnings presentation, Jan 30, 2025
Slide 1: Earnings Call Presentation Q3 / 9M FY25
Earnings Call Presentation Q3 / 9M FY25 30th January 2025
Slide 2: Disclaimer
Screw Plug Heat Exchanger for a client in Mexico 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 fro
Slide 3: Key Highlights
Key Highlights Mumbai Metro Aqua Line UGC-07 Package (Marol Naka- SEEPZ) 3
Slide 4: Q3 FY25 Financial Snapshot
Order Inflow Revenue ₹ 1160 bn ₹ 647 bn up 53% y-o-y up 17% y-o-y Highest ever in a quarter Order Book EBITDA % (P&M) Q3 FY25 ₹ 5642 bn up 20% y-o-y 7.6% Flat y-o-y Financial NWC / Revenue % Profit after Tax Snapshot ₹ 34 bn 12.7% up 14% y-o-y Improved by 390 bps vs Dec’23 Return on Equity 16.1% Up
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q3 FY24 Q3 FY25 (y-o-y) Particulars 9M FY24 9M FY25 (y-o-y) 760 1160 53% Order Inflow 2307 2670 16% Order Book 4698 5642 20% 551 647 17% Revenue 1540 1813 18% 10.4% 9.7% EBITDA (%) 10.6% 10.1% 29 34 14% Overall PAT 87 95 10% Particulars Dec-23 Dec-24 Net Wor
Slide 6: Group Performance Summary
Group Performance Summary L&T launched the second Multi-Purpose Vessel (MPV) for the Indian Navy in January 2025 from its Kattupalli Shipyard near Chennai Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 6
Slide 7: Q3 / 9M FY25 Order Inflow/Order Book
Q3 / 9M FY25 Order Inflow/Order Book (Amount in ₹ bn) Order Inflow Order Book 53% 16% 20% 9M FY24 9M FY25 Q3 FY24 Q3 FY25 1835 539 621 1160 1223 1447 2670 2375 4698 5642 3267 254 506 760 928 1379 2307 2863 31-Dec-23 31-Dec-24 Domestic International • Highest ever order inflow in a quarter aided by l
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA Remarks for the quarter Q3 FY24 Q3 FY25 % Var ₹ Billion 9M FY24 9M FY25 % Var • Strong execution momentum in Infrastructure (15% yoy), Hydrocarbon (54% yoy) and Precision 551.3 646.7 17% Revenue 1540.3 1813.4 18% Engineering & Systems (34% yoy) business drive
Slide 9: Group P&L Construct – EBITDA to PAT
Group P&L Construct – EBITDA to PAT Remarks for the quarter Q3 FY24 Q3 FY25 % Var Rs Billion 9M FY24 9M FY25 % Var 57.6 62.5 9% EBITDA 162.6 182.3 12% • Decline in finance cost primarily due to lower level and rate of borrowing (9.0) (8.4) -7% Finance Cost (26.2) (25.9) -1% • Increase in depreciatio
Slide 10: Segment Performance Summary
Segment Performance Summary CRPO Steel Melting Shop for75 Arbi 8 Refurbishment a reputed Project client in Maharashtra 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 Energy EPC Data Centers Water Smar
Slide 12: Order Inflow Composition – Q3 / 9M FY25
Order Inflow Composition – Q3 / 9M FY25 Q3 FY25 Rs. 1160 Bn 9M FY25 Rs. 2670 Bn Hi-Tech Hi-Tech Manufacturing, 7% Manufacturing, 6% Others, 2% Energy, 34% Others, 2% Energy, Segment 21% Services, 19% Services, 15% Infrastructure, Infrastructure, 42% 52% ROW, 7% ROW, 7% USA & Europe, Geography USA &
Slide 13: Order Book as on 31-Dec-2024
Order Book as on 31-Dec-2024 Segment Geography Energy, 26% Middle East, 35% Hi-Tech Manufacturing, 7% Others, 3% India, 58% ROW, 7% Infrastructure, 64% Order Book : ₹ 5642 Bn 13
Slide 14: Revenue Composition – Q3 / 9M FY25
Revenue Composition – Q3 / 9M FY25 Q3 FY25 Rs.647 Bn 9M FY25 Rs. 1813 Bn Hi-Tech Hi-Tech Others, 3% Manufacturing, 4% Manufacturing, 3% Others, 3% Energy, 17% Services, 28% Segment Energy, 16% Services, 27% Infrastructure, Infrastructure, 50% 50% ROW, 3% USA & Europe, USA & Europe, 17% ROW, 3% 16% G
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 15% Net Revenue: 22% 745.2 910.0 321.3 278.5 200.6 80.5 135.4 372.9 537.1 198.0 185.9 544.6 Q3 FY24 Q3 FY25 9M FY24 9M FY25 5.5% EBITDA Margin 5.5% 5.3% EBITDA Margin 5.8% Domestic DomesticInternational Remarks for the quarter • Strong in
Slide 16: Energy Projects Segment
Energy Projects Segment* (Amount in ₹ bn) Net Revenue: 41% Net Revenue: 33% 213.3 284.2 110.5 78.6 92.6 73.1 92.0 49.7 121.3 191.6 28.9 37.4 Q3 FY24 Q3 FY25 9M FY24 9M FY25 9.7% EBITDA Margin 8.3% 9.4% EBITDA Margin 8.6% Domestic DomesticInternational Remarks for the quarter • Receipt of two ultra s
Slide 17: Hi-Tech Manufacturing Segment
Hi-Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 18% Net Revenue: 11% 57.3 63.4 24.3 20.7 12.8 5.5 19.1 6.9 18.8 38.2 13.8 50.6 Q3 FY24 Q3 FY25 9M FY24 9M FY25 16.7% EBITDA Margin 18.2% 16.1% EBITDA Margin 16.2% Domestic DomesticInternational Remarks for the quarter • Precision Engineer
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment (Amount in ₹ bn) Net Revenue: 8% Net Revenue: 6% 332.3 353.6 112.0 120.6 69.0 73.4 23.7 25.3 88.2 95.2 263.2 279.9 Q3 FY24 Q3 FY25 9M FY24 9M FY25 20.7% EBITDA Margin 18.7% 20.5% EBITDA Margin 19.9% LTIMindtree Domestic LTTS Remarks for the quarter • LTIMindtree reve
Slide 19: Financial Services Segment
Financial Services Segment Q3 Q3 9M 9M % Var Rs. Bn % Var FY24 FY25 FY24 FY25 34.1 38.8 14% Income from Operations 95.1 113.8 20% 6.4 6.3 -2% PAT 17.7 20.1 14% 4.2 4.2 -2% PAT (Net of NCI) accruing to the group 11.7 13.3 14% Book 817.8 951.2 16% Retail Book % 91% 97% 5 Pillar strategy to deliver on
Slide 20: Development Projects Segment
Development Projects Segment * (Amount in ₹ bn) Net Revenue: 18% Net Revenue: 5% 43.6 41.4 14.3 12.2 6.8 2.3 2.2 11.6 10.0 12.1 32.0 34.6 Q3 FY24 Q3 FY25 9M FY24 9M FY25 16.2% EBITDA Margin 15.8% 25.6% EBITDA Margin 16.1% Power Development DomesticHyderabad Metro Remarks for the quarter • Segment in
Slide 21: Others Segment
Others Segment * (Amount in ₹ bn) Net Revenue: 9% Net Revenue: 12% 53.5 47.0 16.7 15.3 4.8 6.4 1.9 2.0 13.3 14.8 48.7 40.6 Q3 FY24 Q3 FY24 Q3 FY25 Q3 FY25 9M FY24 9M FY25 24.4% EBITDA Margin 27.5% 20.7% EBITDA Margin 25.4% Domestic DomesticInternational Remarks for the quarter • Segment majorly comp
Slide 22: Macro-Economic Backdrop
Macro-Economic Backdrop INDIA WORLD The Pace & Sustainability of the growth trend could be shaped by: As the current juncture is at a crossroad, outlook will be shaped by: • How the country navigates challenges around global economic & • Implications under Trump 2.0 regime • Thrust towards increasin
Slide 23: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Harish Barai (Harish.Barai@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 23
Slide 24: Balance Sheet
Balance Sheet ₹ Billion Mar-24 Dec-24 Incr / (Decr) Equity & Reserves 864 914 51 Non Controlling Interest 162 171 9 Borrowings - Financial Services 761 859 99 Development Projects 165 166 0 Others (mainly Standalone) 214 250 35 Sources of Funds 2166 2360 194 Fixed Assets (incl ROU assets) 185 190 5
Slide 25: Cash Flow
Cash Flow Q3 FY24 Q2 FY25 Q3 FY25 ₹ Billion 9M FY24 9M FY25 61.2 63.2 66.8 Operating Profit 168.8 187.1 1.5 28.3 (23.5) Changes in Working Capital [(Inc)/Dec] (56.7) (43.8) (14.8) (14.4) (12.2) Direct Taxes (Paid) / Refund [Net] (39.0) (40.2) 47.9 77.1 31.1 Net Cash from / (used in) Operations (A) 7
Slide 26: Segment Details – Q3 FY25
Segment Details – Q3 FY25 Q3 FY24 Q3 FY25 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 27845 1522 5.5% 32134 1774 5.5% Energy Projects Segment 7864 760 9.7% 11051 912 8.3% Hi-Tech Manufacturing Segment 2066 344 16.7% 2433 443 18.2% Others
Slide 27: Segment Details – 9M FY25
Segment Details – 9M FY25 9M FY24 9M FY25 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 74516 3972 5.3% 90996 5253 5.8% Energy Projects Segment 21334 2013 9.4% 28419 2432 8.6% Hi-Tech Manufacturing Segment 5734 925 16.1% 6342 1029 16.2% Oth
Slide 28: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment Q3 FY24 Q3 FY25 Y-o-Y ₹ Bn 9M FY24 9M FY25 Y-o-Y 132.8 388.2 >100% Energy Segment 606.7 553.7 -9% Order Inflow 123.8 153.9 24% Hydrocarbon 582.2 314.8 -46% 9.0 234.2 >100% CarbonLite Solutions 24.5 238.7 >100% Revenue 78.6 69.6 110.5 106.8 41% 53%
Slide 29: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment Q3 FY24 Q3 FY25 Y-o-Y ₹ Bn 9M FY24 9M FY25 Y-o-Y 12.2 14.3 18% Development Projects 43.6 41.4 -5% Revenue 2.2 2.3 2% Hyderabad Metro 11.6 6.8 -41% 10.0 12.1 21% Nabha Power 32.0 34.6 8% Development Projects 16.2% 15.8% -40 bps Development Projects 2
Slide 30: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q3 FY24 % Int Q3 FY25 % Int 9M FY24 % Int 9M FY25 % Int 31-Dec-23 % Int 31-Dec-24 % Int Infrastructure Projects 43208 63% 49070 74% 111249 43% 138646 63% 317693 28% 361282 37% Energy Projects 13281 93% 38818 33% 60668 95
Slide 31: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates Q3 FY24 Q3 FY25 ₹ Bn 9M FY24 9M FY25 (0.04) (0.00) L&T Power JVs (0.13) (0.03) 0.03 (0.28) L&T Hydrocarbon JVs (0.25) (0.36) (0.00) 0.01 Others** 0.06 0.02 (0.02) (0.27) Total (0.32) (0.36) ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segment 31