Lloyds Enterpris Q2 FY27 Results (NSE: LLOYDSENT)
Signal: Steady quarter
The read
Revenue accelerated to ₹693.91 crore, +70.7% YoY, but operating margin compressed to 8.6% from 13.2% as bought-out components rose to ₹150.98 crore from ₹27.23 crore and finance cost increased 413.9%; the group remains dependent on subsidiaries and ₹14.67 crore of associate profit to support ₹58.23 crore PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹693.91 Cr | +70.7% | +23.3% |
| EBIT | ₹59.63 Cr | +11.4% | |
| Net profit | ₹58.23 Cr | -5.8% | |
| EBIT margin | 8.6% |
P&L walk
Consolidated revenue increased to ₹693.91 crore, +70.7% YoY and +23.3% QoQ, but operating profit rose only 11.4% YoY to ₹59.63 crore as bought-out components, operating expenses, employee costs and finance costs expanded; PAT including ₹14.67 crore of associate profit was ₹58.23 crore, -5.8% YoY.
Segments
The consolidated group materially outperformed the parent: consolidated revenue was ₹693.91 crore versus standalone ₹100.36 crore and consolidated pre-associate operating profit was ₹59.63 crore versus standalone ₹5.22 crore, indicating that earnings sit mainly in subsidiaries and associates.
Key positives
- Consolidated revenue reached ₹693.91 crore, +70.7% YoY and +23.3% QoQ, with the group's ₹59.63 crore operating profit still 11.4% above the year-ago quarter.
- Associate profit contribution increased to ₹14.67 crore from ₹10.46 crore YoY, supporting consolidated PAT of ₹58.23 crore.
- Operating cash flow improved to ₹26.09 crore in H1FY27 from an outflow of ₹117.13 crore in H1FY26.
Key concerns
- Operating margin compressed to 8.6% from 13.2% YoY despite 70.7% revenue growth, showing weak conversion of scale into operating profit.
- Bought-out components increased to ₹150.98 crore from ₹27.23 crore YoY, while other manufacturing, construction and operating expenses rose to ₹58.48 crore from ₹7.93 crore.
- Finance cost rose 413.9% YoY to ₹22.24 crore following acquisition-related borrowing, increasing pressure on earnings conversion.
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