Linde India (523457) Q4 23/24 earnings summary

Executive summary

• FY ended 31 Mar 2024 delivered standalone revenue of ₹27,687 million, up 6.4% YoY on a comparable 12-month basis; EBITDA rose 7.1%, while PAT was lower than the comparable prior year, mainly due to a prior-period tax reversal.

• Growth came from Gases, supported by demand and pricing; Project Engineering revenue eased modestly but maintained a healthy order book.

• Proposed dividend of ₹12/share includes a special dividend of ₹8/share; the proposal is subject to shareholder approval.

Financial highlights

• Revenue from operations ₹27,686.69 million; comparable prior 12-month base ₹26,013 million, with reported YoY growth of 6.4%.

• EBITDA ₹7,793.35 million, up ₹515 million or 7.1% YoY on a comparable 12-month basis; reported EBITDA margin was 28%.

• PBT ₹5,711.22 million; up ₹555 million or 10.8% YoY against the comparable 12-month period.

• PAT ₹4,263.36 million versus ₹4,719 million in the comparable prior 12-month period; lower PAT mainly reflects the prior-period tax reversal.

• Operating cash flow ₹4,369.55 million; cash and cash equivalents ₹9,788.16 million at 31 Mar 2024.

Outlook and guidance

• India GDP growth forecast at 6.8% by the IMF; government investment and services are expected to support activity, while private consumption and exports may remain uneven.

• Digital priorities include expansion and topline, receivables, cost effectiveness, digitally enabled logistics, asset reliability and customer experience.

• PED order book stood at ₹20,003.90 million at 31 Mar 2024, supporting a base for future project execution.