Larsen & Toubro500510Engineering and construction
Larsen & Toubro reported a revenue and PAT beat led by strong core execution, despite a margin miss, with Jefferies maintaining a buy but cutting target price to 4,700
By ScoutQuest · · 1 min read
- Core execution revenue growth
- 20 percent
- Revenue guidance
- 10 to 12 percent
- Implied quarterly run rate
- 82,000 to 83,000 crore rupees
- Core margin outlook
- 7.8 percent
- Jefferies target price
- 4,700 rupees
Heard on business television between 08:27:35 - 08:30:35 IST.
- Order inflows and order book reached their highest-ever levels; revenue growth in projects, products and manufacturing segment was 20% year-on-year.
- Operating margins were impacted by higher input and logistics costs in the Middle East and delays in the water and effluent treatment business.
- Company maintained full-year revenue guidance at 10-12% growth, implying a run rate of about 82,000-83,000 crore rupees per quarter in H2; order inflow guidance also maintained at 10-12% growth; core margin outlook maintained at 7.8%.
- Jefferies maintained its buy rating but cut target price to 4,700 rupees, noting Q2 Ebita was 5% lower than expectations while first-half order flow (up 22% year-on-year) is tracking ahead of guidance.
- Jefferies said outperformance should continue given the strong order book and execution.
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