- Revenue grew 15.2% YoY to INR353b. Reported PBT increased 7% YoY; however, excluding MindTree acquisition, growth was flattish at 1.5% YoY. LT availed the benefits of lower tax rates, as a result of which adj. PAT increased 28.4% YoY to INR23b.

- Core Engineering and Construction (E&C) performance below expectation: Core E&C EBITDA margin was flat YoY at 8%, leading to disappointment in the core business. On a positive note, domestic E&C growth was robust at 14% YoY.

- Well placed to meet its order inflow guidance: Order inflows surprised positively with growth of 20% YoY to INR483b in the quarter. To meet its guidance of 10-12% growth, ask rate stands of 6-10% in the remaining six months.

- Expect working capital cycle to return to normalcy: Working capital as a percentage of sales deteriorated to 23% from 20% in 1HFY19 (FY19: 18%) as LT had to support its suppliers.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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