Moneycontrol
Nov 13, 2017 02:50 PM IST | Source: Moneycontrol.com

L&T falls around 4% post tepid order inflow guidance

The company’s consolidated profit grew by 26.2 percent year-on-year to Rs 2,131 crore on strong operational performance while revenue increased 6.4 percent.

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Larsen and Toubro lost a little over 4 percent intraday on Monday as investors negatively reacted to the company’s tepid order inflow guidance.

As such, the engineering and infrastructure major's consolidated profit grew by 26.2 percent year-on-year to Rs 2,131 crore on strong operational performance while revenue increased 6.4 percent.

L&T has maintained its full year revenue growth guidance of 12 percent but won't be meeting order inflow guidance 12-14 percent, R Shankar Raman, CFO said while addressing press conference.

But, he further said total order inflows may be the same as last year or may be a bit above.

The stock recently hit a fresh 52-week high after its construction arm won orders worth Rs 4023 crore. The heavy civil infrastructure business has won orders worth Rs 1906 crore, which includes major government order of Rs 1825 crore in JV with international partner.

At 10:15 hrs Larsen & Toubro was quoting at Rs 1,220.00, down Rs 44.05, or 3.48 percent, on the BSE. It has touched an intraday high of Rs 1,240.00 and an intraday low of Rs 1,210.05.

Brokerage: IDFC Sec | Rating: Neutral | Target: Raised to Rs 1,259

The brokerage house raised FY18/19 EPS estimates by 11/7 percent and said that asking rate for H2 looks to be steep at 15%. It also expects revenue/profit before tax to grow at CAGR Of 11%/15% For FY17-20

Brokerage: Edelweiss Sec | Rating: Buy | Target: Rs 1,350

The brokerage said that better growth in the second half is fairly possible. It expects EPS CAGR Of 15% Over FY17-19 .
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