Larsen & Toubro Limited CC-Jun25.pdf · 2025-07-29
Good evening, everyone, and thanks again for the opportunity. PR, the question that I had was more on your unchanged guidance for working capital. Now, we have seen 12% become 11% in the last two years, and the guidance for 12% again, does not tally well with the cash flows that you were trying to kind of highlight in the first quarter wherein there is a net positive number versus an outflow last year. Just trying to get a sense of why has the guidance as of now been maintained at 12% versus 11% YoY when such large moves are happening on collections?
Understood. The second question that I had was, I am just trying to kind of gauge the hit rates in domestic and international in 1Q. It seems that the hit rates international appear to be a bit on the lower side, low double digits, where as the hit rates in domestic are larger. I am just trying to get a sense whether there is more keen competition that is now being visible on the international side of things and how to think through the hit rates incrementally that remains on the international side?