BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
We expect our capital goods coverage universe to report healthy revenue growth in Q1 FY23 on low base of last year, led by execution pickup, although some impact may be seen due to supply chain disruption.
Margins are likely to be affected in the near term, owing to higher commodity prices and higher freight cost. We expect revenue growth of ~21.3% YoY (25.9% YoY excluding Larsen and Toubro Ltd.) for our coverage universe with product companies expected to report growth of 32.8%, led by healthy demand in both domestic as well as exports market and price pass through.
For engineering, procurement and construction companies, we expect revenue to grow ~17% YoY (13% YoY excluding L&T), owing to continued execution momentum amid low base. Working capital cycle will be a key monitorable.
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