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Dec 01, 2016 06:25 PM IST | Source:

Buy Larsen & Toubro; target of Rs 1690: Motilal Oswal

Motilal Oswal is bullish on Larsen & Toubro has recommended buy rating on the stock with a target price of Rs 1650 in its research report dated November 22, 2016.

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Motilal Oswal's research report on Larsen & Toubro

L&T’s 2Q17 consolidated operational performance were in line with our estimates. Revenues at INR 250 b (up 8.2% YoY, estimates of INR 250 b) were in line with our estimates. EBITDA at INR 23 b was in line with our estimate of INR 23.5 b. PAT at INR 10.3 b (up 41% YoY) was meaningfully above our estimate of INR 7.6 b on account of higher other income (+50% YoY) driven by treasury gains.

We maintain Buy with SOTP based price target of INR 1,690/sh (E&C business at 22x FY18E). L&T is the best play on a capex recovery in India with a strong presence across key segments like Metro Rails, Hydrocarbons, Fertilizers, Nuclear Power, Defence, Power BTG, etc.

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The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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