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Larsen and Toubro Ltd. delivered resilient operational performance with Ebitda growth of 25% YoY.
Sales grew 8.7% YoY, in line with our/consensus estimates as core (excluding-services) and services sales growth of 10% / 5% YoY respectively.
Ebitda was 13% / 16% ahead of our / consensus estimates with margin expansion of 171 basis points YoY at 13.3%.
Notably, the core Ebit margin stood at 11.7, 80bps up YoY.
Adjusted profit after tax came in at Rs 34 billion (down 2.3% / up 12.3% versus our / consensus estimates) due to higher tax rate and higher depreciation caused by metro capitalization.
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