Capital Goods, Power Q3 Results Preview - Strong Inflows, Execution: ICICI Direct
For Q3 FY23E, all EPC companies under our coverage are expected to witness strong order inflows with improved execution.
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ICICI Direct Report
For Q3 FY23E, all engineering, procurement and construction companies under our coverage are expected to witness strong order inflows with improved execution.
Larsen and Toubro Ltd. announced EPC orders in the range of ~Rs 20,500-34,000 crore (as on date, excluding services segment) across railway, hydrocarbon, power transmission and distribution, water treatment, heavy engineering, buildings and factories segments.
In the T&D space, KEC International Ltd. has announced decent order inflows of Rs 3956 crore aided by orders from T&D (domestic, international markets), railways, civil, etc.
Overall, order inflows are expected to remain strong, with some project deferrals across key segments to Q3 FY23E. However, the order pipeline remains robust across T&D, green energy corridor, data centres, railways, transportation, water and infrastructure, etc. Key risks remain project delays/deferrals, lower conversion rate.
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