L&T and Tata Motors - Quarterly Results

Tata Motors L&T results
27/07/2021

Larsen & Toubro reported 37.98% growth in total sales at Rs.29,335 crore while net profits were up nearly 4-fold at Rs.1,174 crore. Among the various verticals, infrastructure, power, heavy engineering, hydrocarbons and IT did better compared to Jun-20. Only IT services outperformed on sequential basis too. Here is a quick financial summary of Q1.

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 29,335

₹ 21,260

37.98%

₹ 48,088

-39.00%

Operating Profit (Rs cr)

₹ 2,454

₹ 948

158.81%

₹ 5,572

-55.96%

Net Profit (Rs cr)

₹ 1,174

₹ 303

287.42%

₹ 3,293

-64.33%

Diluted EPS (Rs)

₹ 8.35

₹ 2.16

 

₹ 23.42

 

OPM

8.37%

4.46%

 

11.59%

 

Net Margins

4.00%

1.43%

 

6.85%

 

 

The total order book of L&T stood at Rs.323,721 crore as of 30-Jun. The EBITDA margins of various divisions of L&T can be summarized as under for Jun-21. Infrastructure sector had EBITDA margins of 7.1%, power 2.5%, heavy engineering 17.9%, Defence 20.3%, hydrocarbons 9.6%, IT 23.1% and financial services 8.4%. 
In the last 5 months, HDFC Securities, Prabhudas Liladher and Edelweiss have upgraded their target for L&T while Motilal downgraded its target for L&T.

Tata Motors Ltd net sales were up 107.63% at Rs.66,406 crore for the Jun-21 quarter. Net loss at Rs-4,451 crore narrowed over the previous year. The company took a tax write-off in JLR books but the performance was also impacted by the shortage of microchips, commodity inflation and pandemic-driven slowdown. Here is a quick financial summary for of Q1.
 

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 66,406

₹ 31,983

107.63%

₹ 88,628

-25.07%

Operating Profit (Rs cr)

₹ -959

₹ -4,917

-80.49%

₹ 7,157

-113.41%

Net Profit (Rs cr)

₹ -4,451

₹ -8,438

N.A.

₹ -7,605

N.A.

Diluted EPS (Rs)

₹ -11.62

₹ -23.46

 

₹ -20.24

 

OPM

-1.44%

-15.37%

 

8.07%

 

Net Margins

-6.70%

-26.38%

 

-8.58%

 

 

CV segment saw 3.67X growth in sales at Rs.7,854 crore while PV segment saw growth of 4.4X growth at Rs.5,194 crore. The largest segment of Jaguar Land Rover grew 89% yoy at Rs.51,795 crore. JLR reported pre-tax loss of £110 million and free cash outflow of (£996) million in Jun-21 quarter.

In the last 3 months, HDFC Securities and Edelweiss upgraded their targets for the stock while Motilal and BNP Paribas downgraded their targets for Tata Motors.
 

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