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.
ICICI Securities Report
Larsen and Toubro Ltd. surprised the street with strong order inflow of Rs 739 billion, up 46% YoY (core order inflow jumped 54% YoY) for Q4 FY22, mainly led by infrastructure, hydrocarbon and defence businesses.
Current orderbook stands at a healthy Rs 3.5 trillion (2.3 times trailing twelve months sales), 30% of which is funded by multilateral agencies.
L&T reported consolidated revenue / Ebitda growth of 10% / 2% YoY to Rs 529 billion / 65 billion, respectively, broadly in-line with our estimates.
Ebitda margin contracted 100 bps YoY to 12.3% as the proportion of material cost to sales expanded 115 bps due to inflation.
Outlook on Hyderabad Metro has improved due to refinancing of special purpose vehicle debt and better operating performance led by increased ridership.
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