Revenues in line with our estimates, EBITDA surprises: Larsen and Toubro (L&T) reported a 27.8 YoY growth in net sales from its core business at Rs133.7bn in Q4FY10 which was in line with our estimates of Rs133bn. EBITDA margins, without other operating income (OOI), stood at 13.8% (flat YoY). This is, however, well above our estimates of 12.3%. Reported PAT for Q4FY10 stood at Rs14.4bn (44% YoY growth). However, adjusted PAT stood at Rs13.4bn against our estimates of Rs11.4bn (an increase by 17.1% YoY). For FY10, the company reported sales of Rs366.7bn..
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Source: Dalal Street Investment Journal
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