L&T - Q4FY13 Result Update - Microsec

L&T announced its Q4 FY13 and Annual results on 22May 2013.

Q4 FY13 Result Analysis

The company's Total Income increased by 10% YOY to INR20294 crore YOY while it's EBITDA decreased by 4% YOY to INR2451 crore. EBITDA Margin of the company decreased from 13.9% to 12.1% YOY. Adjusted PAT decreased by 5% to INR1769crore. PAT incl EO decreased by 7% to INR1788 crore. Result of the company was below expectation. Order intake came at INR27929 crore up by 32% YOY in Q4.

FY13 Annual Result Analysis

In FY13, the company's standalone total Income increased by 14% to INR60873 and its EBITDA increased marginally by 2% to INR6407 crore. EBITDA Margin of the company decreased from 11.8% to 10.5%. Adjusted PAT increased by 6% to INR4463. L&T Order intake came up 25% YOY to INR88035 crore in FY13 VS INR70574 crore in FY12. The company has surpassed its Order intake guidance of INR81000 crore. At the CMP of INR1520, the stock discounts its FY13E EPS of INR75.77 by 20x.

The board of directors of the company approved the bonus issue of 1 share for every 2 shares held.

Guidance

The company has given a guidance of 15-16% growth in Topline and 20% growth in Order intake For FY14E.

Source : Equity Bulls

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