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Larsen and Toubro Ltd.’s adjusted profit after tax came in at Rs 11.7 billion, missing our estimates by 19%.
However, the miss in core engineering and construction Ebitda was lower at ~6%.
The larger miss was reported on account of lower other income and higher tax rates, which is recoverable over the remainder of the year.
Also, given that Q1 earnings typically contribute less than 15% to FY earnings, we refrain from reading too much into the current quarter’s headline numbers.
Notably, L&T has maintained its full-year guidance for low to mid-teen growth in order inflows and revenue as well as core E&C margins to be maintained at FY21 levels.
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