L & T - Buy on dips

  *Jefferies on L&T*

 Buy Call

 Target Raised To Rs 3,400

 Q2 EBITDA At 4% Which Is Lower Than the Expectation

 Order Flow Was Strong At 72% YoY Growth

 Management Said Co Should Do Better Than FY24 Order Flow/Revenue Guidance

 Margin Was Revised To 8.5-9% From 9% Earlier, Lower FY24-26 EBITDA By 2-3% To Factor Same

 If Projects Reach Margin Recognition Levels Earlier, This Cut Could Surprise

 Prospect Pipeline Is Up 39% YoY

 

*CITI on L&T*

 Buy, TP Rs 3550

 Strong Order Inflows & Execution; Margin Guidance Toned Down

 Reported very strong order inflow(+96% YoY in P&M business) & revenue growth (+25% YoY in P&M business) in 2Q

 Near-term, 4QFY24/1QFY25 may face some headwinds

 

*CLSA on L&T*

 Buy, TP Rs 3600

 Order inflow spikes & capital return takes ROE 15%+

 Guidance beating 2Q: inflows up 72% and execution up 25% YoY

 Prospects spike led by GCC Capex and entry into semiconductors

 Weak link in 2Q was its E&C margin, down 78bps

 

*InCred on L&T*

 Add Call

 Target Raised To Rs 3,300

 Q2 EBITDA At Rs 5,630 Cr Up 15% YoY, 9% Above Est

 Profit Was At Rs 3,220 Cr, Up 45% YoY, Beating Est

 Management Gave Guidance Of A Strong Order Pipeline Of Approx Rs 8.8 Lk Cr

 Order Pipeline Up 39% YoY, Mainly Led By A Sharp Improvement In The Hydrocarbons Biz.

Buy on dips and add to your portfolio.

Scrip had a YH of 3114 and YL of 1970

Technically scrip is trading above 20, 50, 100 and 200 DMA

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Date 02 June 2023

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