L&t ru4 qfy2010-170510

4QFY2010 Result Update I Infrastructure
May 17, 2010

Larsen & Toubro ACCUMULATE
CMP Rs1,606
Performance Highlights Target Price Rs1,809
Larsen and Toubro (L&T) posted a very good set of numbers for 4QFY2010, Investment Period 12 Months
which were way above our expectations. The Top-line witnessed robust growth
to Rs13,858cr, led by a pick-up in the Building and Factories, Railways, Power Stock Info
T&D and Process segments. Moreover, operating margins made a historical
Sector Infrastructure
high of 15.1%, inspite of an increase in the manufacturing and construction
opex, mainly on account of a reduction in sales, administration and other Market Cap (Rs cr) 9,6758
expenditure, due to effective forex hedging and expense control. The margins
were also aided by a favourable product mix in the E&E segment. On the Beta 1.2
order book front, L&T has an order backlog of Rs1,00,239cr, which is in line 52 WK High / Low 1,800/1,100
with expectations. The order inflow for the year was at Rs69,572cr, led by the
Oil and Gas, and power segments. Against this backdrop, we maintain our Avg Daily Volume 431,080
positive stance on the company and our Accumulate rating on the stock. Face Value (Rs) 2
Company delivers better-than-expected results: For 4QFY2010, L&T’s
standalone revenues grew by 28.1% to Rs13,585cr, above our expectations, BSE Sensex 18,836
and beat the guidance of Rs13,000cr. This was mainly on account of a Nifty 5,060
pick-up in the Building and Factories, Railways, Power T&D and Process
segments. Additionally, the company surprised on the EBITDA front as well, by Reuters Code LART.BO
recording historically high margins of 15.1%. However, going ahead, the Bloomberg Code LT@IN
management refused to comment on the margin trend, given the stiff
competition and rising commodity prices. Shareholding Pattern (%)

Outlook and Valuation: L&T has always traded at a premium to Sensex Promoters -
valuations, and has outperformed the Sensex on a consistent basis, given its
strong operating cash flows, superior return ratios (in excess of 20%) and MF/Banks/Indian FLs 45.0
excellent capital efficiency. In recent times (over the last 6 months), the stock’s FII/NRIs/OCBs 18.0
performance has been subdued, given poor quarterly performances and rich
valuations that provided limited scope for disappointment. However, going Indian Public 37.0
ahead, we believe that L&T would outperform on the back of: 1) Strong Abs(%) 3m 1yr 3yr
quarterly numbers, resulting in the fading away of market concerns over
execution, 2) Robust order book, 3) Recent underperformance giving an entry Sensex 2.5 38.3 17.7
opportunity for long-term investors, and 4) 18% Earnings CAGR expected over
FY2010-12E. Hence, we maintain an Accumulate on the stock, with a revised L&T 8.9 62.5 86.5
Target Price of Rs1,809 (Rs1,761 earlier). We have used the SOTP
methodology and have valued L&T's Parent business at 20x FY2012E Earnings
and its subsidiaries/investments at Rs383/share.

Key Financials (Standalone)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 33,926 37,034 44,156 52,902
% chg 36.4 9.2 19.2 19.8
Net Profit 2,479 3,126 3,504 4,346
% chg 26.5 26.1 12.1 24.0
FDEPS (Rs) 42.2 51.3 57.5 71.3
EBITDA Margin (%) 11.4 13.1 12.0 12.4
P/E (x) 38.1 31.3 27.9 22.5 Shailesh Kanani
Tel: 022 – 4040 3800 Ext: 321
RoE (%) 22.5 19.9 17.2 18.3
E-mail: shailesh.kanani@angeltrade.com
RoCE (%) 22.0 20.1 18.2 20.0
P/BV (x) 7.6 5.2 4.5 3.8
Aniruddha Mate
EV/Sales (x) 3.1 2.7 2.3 1.9 Tel: 022 – 4040 3800 Ext: 335
EV/EBITDA (x) 27.1 21.0 19.3 15.8 E-mail: aniruddha.mate@angeltrade.com
Source: Company, Angel Research
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

Larsen and Toubro I 4QFY2010 Result Update

Exhibit 1: 4QFY2010 Performance (Standalone)
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Net Sales 13,585 10,605 28.1 37,034 33,926 9.2
Total Expenditure 11,534 9,018 27.9 32,219 30,094 7.1
Operating Profit 2,051 1,587 29.2 4,815 3,832 25.6
OPM (%) 15.1 15.0 13.0 11.3
Interest 135.6 145.5 (6.8) 435.2 350.2 24.3
Depreciation 116.2 88.9 30.7 414.6 282.8 46.6
Non Operating Income 329.8 230.6 43.0 910.0 526.9 72.7
Nonrecurring items 122.3 (143.9) - 1,210.5 986.6 0.0
Profit Before tax 2,251 1,439 56.4 6,086 4,713 29.1
Tax 813 441 84.4 1,641 1,231 33.3
Reported Profit After Tax 1,438 999 44.0 4,445 3,482 27.7
PAT (%) 10.6 9.4 12.0 10.3
Adjusted Profit After Tax 1,360 1,098 23.8 3,126 2,479 26.1
Adj. PAT (%) 10.0 10.4 8.4 7.3
Adj. FDEPS 22.3 18.0 23.8 51.3 42.2 21.6

Exhibit 2: Segmental Performance
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Revenues 13,699.7 10,712.7 37,355.6 29,739.9
Engg & Const. 12,109.4 9,437.4 28.3 32,315.8 28,705.1 12.6
Mach. & Ind. Products 681.9 620.6 9.9 2,986.5 531.2 462.2
Electrical & Electronics 988.3 790.0 25.1 2,219.5 519.2 327.5
Others 100.5 132.6 (24.2) 364.6 92.5 294.1
Intersegment revenue 180.4 267.8 (32.6) 530.8 108.1 390.9
EBIT
Engg & Const. 1,846.6 1,468.2 25.8 4,985.4 4,282.8 16.4
Mach. & Ind. Products 143.1 116.9 22.4 4,095.0 3,447.9 18.8
Electrical & Electronics 132.9 98.0 35.6 451.9 466.3 (3.1)
Others 2.0 (6.4) 0.0 0.0 0.0 0.0
Intersegment revenue 24.3 0.0 0.0 44.3 51.8 (14.5)
Capital Employed
Engg & Const. 6,290.7 6,617.2 (4.9)
Mach. & Ind. Products 224.0 412.7 (45.7)
Electrical & Electronics 1,131.8 1,246.6 (9.2)
Others 203.5 185.3 0.0
Unallocable 17,340.0 10,602.4 63.5
Total 25,189.9 19,064.2

Weakness continues in technology subsidiary; however, profitability improves

L&T reported a poor performance in its technology subsidiary, L&T InfoTech, due to
the economic slowdown in the US and Europe markets. L&T InfoTech reported a
32.2% yoy and 10.7% qoq revenue decline in 4QFY2010. However, on the
profitability front, the subsidiary has reported an improvement, with the NPM at
19.7%, indicating effective cost control.

The financial subsidiaries reported a revival in business, with a yoy revenue growth
of 37.0% in L&T Finance and 91.4% in L&T Infrastructure Finance for 4QFY2010.
The business assets were the same at Rs7,000cr (as at end-3QFY2010) for L&T
Finance and increased to Rs4,300cr (from Rs3,800cr) for L&T Infrastructure Finance.

May17, 2010 2


Exhibit 3: Subsidiary Performances
% chg
4QFY10 4QFY09 3QFY10 4QFY09 3QFY10 FY10 FY09 % chg
Revenues
L&T InfoTech Ltd 457.0 674.0 512.0 (32.2) (10.7) 1,909.0 2,042.0 (6.5)
L&T Finance Ltd 300.0 219.0 259.0 37.0 15.8 986.0 796.0 23.9
L&T Infra. Finance Ltd 134.0 70.0 119.0 91.4 12.6 452.0 296.0 52.7
PAT
L&T InfoTech Ltd 90.0 66.0 57.0 36.4 57.9 280.0 266.0 5.3
L&T Finance Ltd 52.0 44.0 47.0 18.2 10.6 156.0 99.0 57.6
L&T Infra. Finance Ltd 35.0 20.0 26.0 75.0 34.6 111.0 77.0 44.2
Asset base
L&T Finance Ltd 7,000 5,290 7,000 32.3 - 7,000 5,290 32.3
L&T Infra. Finance Ltd 4,300 2,400 3,800 79.2 13.2 4,300 2,400 79.2

Order Book Analysis

Larsen & Toubro registered a robust order inflow of Rs23,843cr for 4QFY2010 and
Rs69,752cr for FY2010. Orders to the tune of ~95% for the year came from the
Local Market, taking the outstanding Order Book of L&T to Rs1,00,239cr. A majority
of the orders in FY2010 came from the Power segment (33%), followed by
Infrastructure (27%), Hydrocarbons (20%) and Process (13%), with the remaining
being contributed by miscellaneous works.

Exhibit 4: Quarterly Sectoral Order inflow trend
12,000

10,000

8,000
(Rs cr)

6,000

4,000

2,000

-
1QFY09 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10

Process Hydrocarbon Power Infrastructure Others


Exhibit 5: Trend in Sectoral Order Book Composition
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Process Hydrocarbon Power Infrastructure Others


May17, 2010 3


The Outstanding Order Book composition continues to be dominated by long-gestation
Power Projects (30%), followed by the Infrastructure segment (33%), hydrocarbons (15%) and
then Processes (16%), with the remainder being contributed by miscellaneous work orders.
From a client profile point of view, 53% of the outstanding Order Book comes from the Public
sector, whereas 40% comes from the Private sector, with the remainder being captive Work
Orders.

Exhibit 6: Order inflows provide Revenue visibility
120,000 3.5

100,000 3.0

2.5
80,000
2.0
60,000
1.5
40,000
1.0

20,000 0.5

0 -

Order Inflows (Rs cr,LHS) Order Backlog (Rs cr,LHS) Years of Visibility (x,RHS)


Outlook and Valuation: Big picture remains intact

The macro outlook for infrastructure in general, and the consequent benefits for L&T
in terms of order inflows in particular, remain strong. We believe that the company
will continue to occupy a unique position in the Indian engineering and construction
space as a diversified, large engineering play, with exposure to areas ranging from
power to defence to nuclear to equipment.

Exhibit 7: Revised earnings estimates
Particulars Old Estimate New Estimate %/bp change
(Rs cr) FY11E FY12E FY11E FY12E FY11E FY12E
Revenue 45,204 55,496 44,156 52,902 (2.3) (4.7)
EBITDA Margins 11.8 11.9 12.0 12.4 22.4bp 53.2bp
PAT 3,374 4,201 3,504 4,346 3.8 3.5

We believe that, over the years, its excellent performance on all fronts has made L&T
one of the obvious bets for all kinds of investors to have an exposure to India's
evergreen Infrastructure story. We expect the company to continue its good show in
the future; therefore, we see no reason for the company to lose its undisputed
number one position.

At the CMP of Rs1,606, the stock is trading at 22.5x FY2012E Earnings and 3.8x
FY2012E P/BV, on a standalone basis. We have used the sum-of-the-parts (SOTP)
methodology to value the company and to capture all the business initiatives taken
by it, and also to factor in the investments/stakes in different businesses. On an
SOTP basis, by ascribing separate values to its Parent business on a P/E basis and
investments in subsidiaries using the P/E, P/BV and MCap basis, we have arrived at
a Fair Value of Rs1,809, which provides a ~12.6% upside from the current levels;
hence, we recommend an Accumulate view on the stock. Further, it should be noted
that, at our SOTP Target Price, the stock would be trading at around 25.4x FY2012E
standalone EPS of Rs71.3, which would imply a premium of ~50% over Angel’s
Sensex Target FY2012 P/E multiple of 17x. This is at a discount to the historical
premium commanded by L&T over the Sensex.

May17, 2010 4


Exhibit 8: L&T: Parent historic P/E multiple premium to Sensex
200.0%

150.0%

100.0%

50.0%

0.0%

1-Jan-04

1-Jan-05

1-Jan-06

1-Jan-07

1-Jan-08

1-Jan-09

1-Jan-10
1-May-03

1-May-04

1-May-05

1-May-06

1-May-07

1-May-08

1-May-09

1-May-10
1-Sep-03

1-Sep-04

1-Sep-05

1-Sep-06

1-Sep-07

1-Sep-08

1-Sep-09
-50.0%

L&T Premium/(Discount) to Sensex 7YEAR AVG 5YEAR AVG 3YEAR AVG


Also, the historical 1-year forward P/E band shows that L&T has always traded at an
average P/E of 24.0x, 27.5x and 30.2x, on the past seven, five and three year basis,
respectively. Therefore, our SOTP Target P/E multiple (25.4x) is lower than the
historical average. Further, it should be noted that FY2012E would be an excellent
year, given that most of its investments in the IDPL and Power equipment businesses
would start generating significant revenues and would enhancing visibility.

Exhibit 9: L&T - Parent 1-year forward P/E bands
70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0
1-May-03

1-Jan-04
1-May-04

1-Jan-05
1-May-05

1-Jan-06
1-May-06

1-Jan-07
1-May-07

1-Jan-08
1-May-08

1-Jan-09
1-May-09

1-Jan-10
1-May-10
1-Sep-03

1-Sep-04

1-Sep-05

1-Sep-06

1-Sep-07

1-Sep-08

1-Sep-09

P/E 7YEAR AVG 5YEAR AVG 3YEAR AVG


May17, 2010 5


Exhibit 10: Derivation of SOTP based target price for L&T (FY2012E)
Business Segment Methodology Remarks Rs cr Rs/share % to TP
L&T- Parent P/E 20x FY2012E Earnings 86,922 1,426 78.8
Infrastructure Subsidiries 7,524 123 6.8

IDPL (stake - 78.4%) P/BV 2.5x FY2012E Book value 7,524 123 6.8
Key Subsidiaries - Services 8,075 132 7.3

L&T Infotech P/E 14x FY2012E Earnings 4,971 82 4.5

L&T Finance P/BV 1.5x FY2012E Book value 2,016 33 1.8

L&T Infrastructure Finance P/BV 1.5x FY2012E Book value 1,089 18 1.0
Key Subsidiaries - Manufacturing 5,204 85 4.7

Tractor Engineers P/E 12x FY2012E Earnings 242 4 0.2

Associate Companies P/E 12x FY2012E Earnings 1,540 25 1.4

L&T MHI Boilers and Turbines (stake - 51%) P/E 16x FY2012E Earnings 3,422 56 3.1
Other Subsidiaries 2,538 42 2.3

Satyam 6.1% Stake Mcap 20% holding company discount 376 6 0.3

Other Investments P/BV 1x FY2012E Book Value 2,161 35 2.0
Total 110,263 1,809 100

May17, 2010 6


Profit & Loss Statement (Standalone) (Rs cr)
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Gross sales 17,901 25,187 34,045 36,996 44,266 52,833
Less: Excise duty 333 333 398 321 384 458
Net Sales 17,567 24,855 33,647 36,675 43,882 52,375
Other operating income 38 23 280 359 274 526
Total operating income 17,605 24,878 33,926 37,034 44,156 52,902
% chg 19.2 41.3 36.4 9.2 19.2 19.8
Total Expenditure 15,825 22,051 30,094 32,219 38,880 46,390
Net Raw Materials 8,782 12,963 16,798 17,329 21,546 25,769
Other Mfg costs 4,755 6,168 9,434 11,124 12,287 14,665
Personnel 1,259 1,535 1,998 2,379 2,677 3,143
Other 1,028 1,386 1,864 1,387 2,370 2,814
EBITDA 1,780 2,826 3,832 4,815 5,276 6,511
% chg 58.8 35.6 25.6 9.6 23.4
(% of Net Sales) 10.1 11.4 11.4 13.1 12.0 12.4
Depreciation&
168 202 283 415 493 614
Amortisation
EBIT 1,612 2,624 3,550 4,400 4,784 5,898
% chg 62.8 35.3 24.0 8.7 23.3
(% of Net Sales) 9.2 10.6 10.5 12.0 10.9 11.3
Interest & other Charges 93 123 350 435 437 466
Other Income (incl pft
454 488 527 910 1,124 1,357
from Ass/JV)
(% of PBT) 23.0 16.3 14.1 18.7 20.6 20.0
Recurring PBT 1,973 2,989 3,726 4,875 5,471 6,789
% chg 51.5 24.6 30.8 12.2 24.1
Extraordinary
(32) (166) (987) (1,211) - -
Expense/(Inc.)
PBT (reported) 2,005 3,155 4,713 6,086 5,471 6,789
Tax 602 982 1,231 1,641 1,805 2,240
(% of PBT) 30.0 31.1 26.1 27.0 33.0 33.0
PAT (reported) 1,403 2,173 3,482 4,445 3,666 4,549
Less: Minority interest (MI) - - - - - -
Prior period items - - - - - -
PAT after MI (reported) 1,403 2,173 3,482 4,445 3,666 4,549
ADJ. PAT 1,330 1,960 2,479 3,126 3,504 4,346
% chg 47.5 26.5 26.1 12.1 24.0
(% of Net Sales) 7.6 7.9 7.4 8.5 8.0 8.3
Basic EPS (Rs) (Reported) 49.5 74.3 59.2 72.9 60.1 74.6
Fully Diluted EPS (Rs)
46.9 67.1 42.2 51.3 57.5 71.3
(Diluted)
% chg 42.9 (37.1) 21.6 12.1 24.0

May17, 2010 7


Balance Sheet (Standalone) (Rs cr)
SOURCES OF FUNDS
Equity Share Capital 57 58 118 122 122 122
Preference Capital - - - - - -
Reserves& Surplus 5,712 9,497 12,343 18,835 21,707 25,422
Shareholders Funds 5,768 9,555 12,460 18,957 21,829 25,544
Minority Interest - - - - - -
Total Loans 2,078 3,584 6,556 5,790 5,790 5,790
Deferred Tax Liability 40 61 48 48 48 48
Total Liabilities 7,886 13,200 19,065 24,796 27,668 31,383
APPLICATION OF FUNDS
Gross Block 2,876 4,189 5,575 6,903 8,587 10,728
Less: Acc. Depreciation 1,087 1,239 1,418 1,833 2,325 2,939
Net Block 1,789 2,950 4,157 5,070 6,261 7,789
Capital Work-in-Progress 436 696 1,038 1,246 1,495 1,794
Goodwill - - - - - -
Investments 3,104 6,922 8,264 10,264 11,264 12,264
Current Assets 11,904 16,314 23,448 26,968 31,698 37,077
Cash 1,094 964 775 2,346 1,671 1,101
Loans & Advances 2,277 3,664 6,791 7,610 9,073 10,870
Other 8,532 11,685 15,882 17,011 20,954 25,106
Current liabilities 9,356 13,684 17,842 18,752 23,051 27,541
Net Current Assets 2,547 2,630 5,606 8,216 8,647 9,537
Mis. Exp. not written off 10 3 0 0 0 0
Total Assets 7,886 13,200 19,064 24,796 27,668 31,383

Cash Flow Statement (Standalone) (Rs cr)
Profit before tax 2,005 3,155 4,713 6,086 5,471 6,789
Depreciation 168 202 283 415 493 614
Change in Working Capital (706) 377 2,049 1,039 1,107 1,459
Less: Other income 454 488 527 910 1,124 1,357
Direct taxes paid 604 988 873 1,644 1,805 2,240
Cash Flow from Operations 1,821 1,505 1,547 2,907 1,927 2,346
(Inc.)/ Dec. in Fixed Assets (775) (1,622) (1,980) (1,536) (1,933) (2,439)
(Inc.)/ Dec. in Investments (1,073) (3,620) (1,329) (2,000) (1,000) (1,000)
Other income 454 488 527 910 1,124 1,357
Cash Flow from Investing (1,394) (4,754) (2,782) (2,626) (1,808) (2,082)
Issue of Equity 24 1,702 23 2,807 - -
Inc./(Dec.) in loans 739 1,560 1,922 (766) - -
Dividend Paid (Incl. Tax) 619 114 439 755 793 833
Others (60) (28) (461) 4 4 4
Cash Flow from Financing 84 3,119 1,045 1,290 (789) (829)
Inc./(Dec.) in Cash 511 (130) (190) 1,571 (671) (565)
Opening Cash balances 583 1,095 965 775 2,347 1,671
Closing Cash balances 1,094 965 775 2,347 1,671 1,101

May17, 2010 8


Key Ratios
Valuation Ratio (x)
P/E (on FDEPS) 34.2 23.9 38.1 31.3 27.9 22.5
P/CEPS 30.4 21.7 34.2 27.6 24.5 19.7
P/BV 7.9 4.9 7.6 5.2 4.5 3.8
Dividend yield (%) 0.7 0.8 0.5 0.6 0.7 0.7
EV/Sales 5.2 3.9 3.1 2.7 2.3 1.9
EV/EBITDA 51.7 34.2 27.1 21.0 19.3 15.8
EV / Total Assets 11.7 7.3 5.4 4.1 3.7 3.3
Order Book to Sales 2.1 2.1 2.1 2.7 3.2 3.4
Per Share Data (Rs)
EPS (Basic) 49.5 74.3 59.2 72.9 60.1 74.6
EPS (fully diluted) 46.9 67.1 42.2 51.3 57.5 71.3
Cash EPS 52.9 74.0 47.0 58.1 65.6 81.4
DPS 10.7 12.6 8.4 10.1 10.6 11.1
Book Value 203.7 326.8 212.0 311.0 358.1 419.1
Dupont Analysis
EBIT margin 9.2 10.5 10.5 11.9 10.8 11.1
Tax retention ratio 0.7 0.7 0.7 0.7 0.7 0.7
Asset turnover (x) 2.6 2.6 2.2 1.8 1.8 1.9
ROIC (Post-tax) 16.6 19.0 17.2 15.8 13.2 14.0
Cost of Debt (Post Tax) 3.1 3.0 5.1 5.1 5.1 5.4
Leverage (x) 0.2 0.2 0.4 0.3 0.2 0.2
Operating ROE 18.9 22.8 21.8 18.9 14.7 15.7
Returns (%)
ROCE (Pre-tax) 20.4 24.9 22.0 20.1 18.2 20.0
Angel ROIC (Pre-tax) 23.7 27.6 23.3 21.6 19.7 21.0
ROAE 23.0 25.6 22.5 19.9 17.2 18.3
Turnover ratios (x)
Asset Turnover (Gross Block) 6.1 7.0 6.9 5.9 5.7 5.5
Inventory / Sales (days) 54 54 54 60 58 58
Receivables (days) 107 94 94 102 99 101
Payables (days) 61 60 63 73 62 64
Working capital cycle (ex-
102 77 90 128 142 127
cash) (days)
Solvency ratios (x)
Net debt to equity 0.2 0.3 0.5 0.2 0.2 0.2
Net debt to EBITDA 0.6 0.9 1.5 0.7 0.8 0.7
Interest Coverage (EBIT /
17.3 21.4 10.1 10.1 10.9 12.7
Interest)

May17, 2010 9


Research Team Tel: 022-4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

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Disclosure of Interest Statement L&T
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
3. Angel and its Group companies’ Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies.

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Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

May17, 2010 10

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