*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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