Stockrabit · Analysts
Questions across 9 calls

P. Ramakrishnan

Firm not listed in source transcripts

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec25.pdf · 2026-01-28
So Mohit, I think while I was concluding my presentation, I gave an update on the Revenue guidance itself. Q4 has always been the most busiest quarter for the Projects & Manufacturing business portfolio. So we continue to retain our guidance of 15% for the full year, and we are reasonably confident that Q4, the way we have planned, the e xecution momentum will be at a fast forward pace, both for the Infrastructure -- for all the segments in the Projects & Manufacturing space. That is baked in.
So Sumit, just to add, I did emphasize that the margin guidance of 8.5% remains the effort for taking into account that we have had a good 9 months despite the fact of Hydrocarbon margins having moved southwards this year. As I stated earlier, as Mr. Sarma also reiterated that we expect some of these, I would say, stressed projects to get closed in the near term and margin should move northward hopefully after some quarters.
Larsen & Toubro Limited CC-Mar25.pdf · 2025-05-08
So, okay, the other prospects last year was around Rs 12 trillion, and we are starting this year at Rs 19 trillion other prospects, and it has been quite well spread across the major segments in the Infrastructure and Hydrocarbon including Power as well. But I also mentioned during the last part of my call that given the geopolitical situation, this is an assessment so what it looks like is we have a very robust order prospects pipeline, but we also need to be mindful of how customers would decide to finally get into the bids given the volatile nature of developments across the globe. Our construct, basis the discussion that we have been having with some of our strategic clients and given the fact that L&T is running at such a large base, I think it would be appropriate we start off with the year, with a 10% order inflow guidance and depending on how the first six months pan out in terms of opportunities that come up our way and how much of order wins that we get, we can possibly look to revising the guidance at a later point in time. So two things. One is, it's a positive sign that basis the opportunities that we have, the addressable prospects is quite robust b oth for India and the international market, but we are also mindful of the fact of developing implications in terms of all the situations that is coming out, especially the geopolitical across the globe. I think we have to address that as well. And given the last but not the least , the large order base that we are running at, I think we are starting off with what we feel is a realistic estimate at this point in time. Mr. Sarma also wants to add. Subramanian Sarma: Yes, I think our order book to revenue ratio is also pretty healthy. I think normally in this Industry two years of order book is considered to be very good. We are running at around 2.7 , 2.8, which is a very strong, starting point like you said. So in terms of revenue, what we have to achieve, I think, we have a very good base, so we have to be selective. I mean, like addressable market is quite high and we will also be a little bit selective in what we want to acquire because our long term and medium term plan is to improve the return on eq uity metrics, right? So , I think if you have a choice to be selective then this is the opportunity for us to do that. So I think that will also get factored in. That's all I wanted to add.
So, it is like this; The share of fixed price contracts in the order book is around 46% as of March '25. As compared to 42% as of March '24 . The increase is primarily due to the fact that FY '25 has seen a lot of international orders. A major part of these orders are of course fixed price contracts.
Larsen & Toubro Limited CC-Dec24.pdf · 2025-01-30
I said we are well placed. It is just to give the comfort that while we get into Q4, since you all know that a 10% guidance for the full year also means that we need to print almost Rs 650 billion of orders in Q4. So just to give the comfort that we seemingly are on track because we are well placed in 4, 5 very large orders. But since the orders are large, there can be always a slippage into subsequent quarters or not closing of the contract itself.
So you are referring to the renewables press release
Larsen & Toubro Limited CC-Sep24.pdf · 2024-10-30
Okay, Mohit , I think when we reported the financial results for FY24, when we gave the guidance for order inflow growth of 10% at the group level, we had actua lly baked in that the first six months as far as the domestic order prospects converted to order inflow could be a little subdued, given the fact that the first quarter was elections, followed by the government formation in Q2. Despite the subdued environment, we believe that our numbers of domestic order inflows have been quite good and in line with our own expectations for the first six months. But definitely the H2, we believe that given that the conditions for the GDP growth and the overall financial state of affairs for the government and the private sector, I guess we could see a more busier second half with respect to the overall domestic ordering environment is concerned. As I was talking about against the total order prospects of 8.08 trillion, the share of domestic prospects is 57% aggregating to 4.6 trillion. So, in a way, it actually suggests that as we had assumed at the start of the year, the second half of the current financial year would tilt more to domestic ordering resumption at a larger scale.
So, Mohit, I will take that. This is PR here. So, as we have been talking about in terms of bringing back the Hyderabad Metro on track and i ts a combination of two items : one is the State Government financial support and along with the TOD monetization. Since it is a concession project, each of the TOD monetization that we need to do are subject to prior approvals of the government. So, we did one particular tranche in the Q2 of the previous year, and we are looking to monetize some of the parcels in the near term. Hopefully, I think you should get something happening in the next six months or so. But it will all be done in tranches, and each tranche will be subject to a prior government approach because it is the overall, the Metro construction is a combination of running the Metro along with the real estate development. So, whenever we get an opportunity, interested party to buy over a particular land parcel, we will take a government approval and do that. And basis the pipeline of discussions and opportunities are happening now, we do expect some amount of monetization to hopefully gain momentum and get cryst allized by the end of this financial year.
Larsen & Toubro Limited CC-Jun24.pdf · 2024-07-24
Okay, so thanks Mohit. Yes, at the start of the year, the order prospects that we talked about was around Rs 12 trillion and now i t has come down to Rs 9 trillion. The drop is largely witnessed in the Hydrocarbon segment and I would not like to specify answer to a particular customer. I think there has been some amount of tendering that has happened where we have not secured. Some of the projects have been shelved and some of them have possibly been deferred. But this does not have any color in terms of whether there is any potential change with respect to our guidance for the order inflow for the full year. We still maintain what we gave at 10% order inflow, that guidance is still being maintained. But you can have some amount of order prospects getting deferred and something we have lost also in that particular segment. However, I would not like to comment on specific customers please.
We are pursuing EPC opportunities in the Oil to Chemicals environment in the Middle East, which we believe will have overall investments made by our clients of the amounts that you are referring to.
Larsen & Toubro Limited CC-Dec23.pdf · 2024-01-30
Yes, please. We got the client consent a while ago, and that's how we had to disclose it. This has been factored in Q3.
So, as far as order book is concerned, whatever orders that we have secured from all the clients, I do not think there is any sort of a headwind in terms of the progress of those jobs, because these are all contracts that we have sec ured under customer approved projects. So , going forward, there could be developments, but we will have to evaluate and see accordingly.
Larsen & Toubro Limited CC-Sep23.pdf · 2023-10-31
So Mohit, both the orders, the one that was announced on 10th October and the one that was released today are all forming part of Q2 order inflow of the Energy segment. And both of them individually are Ultra-Mega, which means it is more than Rs 15,000 crores each.
So I would like to state here that the prospects pipeline that we have , the domestic order prospects pipeline is quite robust in the infrastructure segment. And there are no such indications per se for us to say that whether the prospects pipeline is drying dow n. The only thing we have to be mindful of the fact that possibly Q4 could be a little subdued on tendering and ordering activity, assuming that we can have the general elections announcements happening around that time.

JSW Steel Limited

JSW Steel Limited CC-Jun24.pdf · 2024-07-24
Okay, so thanks Mohit. Yes, at the start of the year, the order prospects that we talked about was around Rs 12 trillion and now i t has come down to Rs 9 trillion. The drop is largely witnessed in the Hydrocarbon segment and I would not like to specify answer to a particular customer. I think there has been some amount of tendering that has happened where we have not secured. Some of the projects have been shelved and some of them have possibly been deferred. But this does not have any color in terms of whether there is any potential change with respect to our guidance for the order inflow for the full year. We still maintain what we gave at 10% order inflow, that guidance is still being maintained. But you can have some amount of order prospects getting deferred and something we have lost also in that particular segment. However, I would not like to comment on specific customers please.
We are pursuing EPC opportunities in the Oil to Chemicals environment in the Middle East, which we believe will have overall investments made by our clients of the amounts that you are referring to.