Larsen and Toubro an outperformer: Anagram

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Larsen and Toubro an outperformer: Anagram

Anagram Research has rated Larsen and Toubro as an outperformer with a target price of Rs 3190. Net sales grew by 53% (YoY) basis, to Rs 6901 Crore, on back of better than expected performance of E&C division.

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Anagram Research has rated Larsen and Toubro as an outperformer with a target price of Rs 3190 in its July 30, 2008 research report. "Net sales grew by 53% (YoY) basis, to Rs 6901 Crore, on back of better than expected performance of E&C division. Net Profit increased by robust 33%, due to better contract management and continuous cost optimization in executing large turnkey projects."

"At CMP stock trades at 19.81 x FY09 and 15.70 x FY10E with an EPS of Rs. 127.6 and Rs. 160 respectively. We rate "Outperformer" to the stock with the target price of 3190. (Based on P/E of 25X FY09E)," says Anagram's research report.

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