Guidance ledger · Q1 FY22

Larsen & Toubro Ltd LT

3 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Forward guidance regime Q1 FY21 → Q1 FY22

~~we have again decided not to give any guidance on either order inflows of revenues or margins~~ → low to mid-teens growth in the order inflow and revenues; 10.3% core EBITDA margin; NWC/sales 22.3%

“we have again decided not to give any guidance on either order inflows of revenues or margins”

↓ lowered Working capital / sales ratio Q1 FY21 → Q1 FY22

~~26.8% (Q1FY21 trailing)~~ → 22.9% with explicit guidance to maintain ~22.3% by year-end

“our Net Working Capital to Sales ratio has improved from 26.8% in Q1 FY21 to 22.9% in Q1 FY22”

→ narrowed Hyderabad Metro cash support commitment Q3 FY21 → Q1 FY22

~~Rs. 2,000 crore cash support set aside (Q3FY21)~~ → Rs. 500 crore deployed in Q1FY22; Rs. 1,500 crore balance + new investor/refinancing/government track

“we have set aside some of around 2000 crores towards funding into Hyderabad Metro”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.