Capital Goods Q3 Results Preview - Healthy Execution; Expected Margin Revival: Prabhudas Lilladher

Prabhudas Lilladher Report

We expect our capital goods coverage universe to report healthy revenue growth in Q3 FY23, owing to strong opening order books, execution pickup, normalising supply chain situation and continued demand from domestic as well as key export markets.

We expect overall revenue growth of ~18.9% YoY (21.2% YoY excluding -Larsen and Toubro Ltd.) for our coverage universe.

Key monitorables from management commentaries will be guidance on margins, working capital, tender pipeline and update on supply chain scenario.

We continue to prefer companies with strong balance sheet, good corporate governance, well managed working capital and long-term scalability.

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