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Yes Securities Report
Larsen and Toubro Ltd. reported a mixed set of numbers with 10% YoY revenue growth on the back of decent performance of the hi-tech manufacturing, energy projects and information and technology and technology services business.
During Q4, the company recorded order inflow of Rs 761 billion, up 3% YoY on a high base led by large order wins from sectors such as public spaces, hydel and tunnels, irrigation systems, ferrous metals, oil and gas, power transmission and distribution and defence.
Order book stands at all-time high of Rs 4 trillion (2.2 times trailing twelve months revenues) providing a strong revenue visibility for next two-three years.
Management indicated that order pipeline for FY24 stands healthy at ~Rs 9.73 trillion with good traction witnessed in sectors such as metros/regional rapid transit system/high speed rail, roads and expressways, water, renewables, non-ferrous metals and power transmission and distribution.
On the international front, with pickup in economic activity in GCC led by high crude prices, management is witnessing good traction in order inflows in both oil and non-oil segments.
We believe that L&T is well-placed to emerge stronger given its financial, technical and managerial capability for sustaining and gaining market share. We remain positive on the company’s strong business model, robust bid pipeline, diversified order book and healthy balance sheet.
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