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Last Updated : Sep 14, 2019 11:35 AM IST | Source: Moneycontrol.com

Buy Larsen & Toubro, target Rs 1820: Anand Rathi

We expect the company to continue to gradually improve its performance in medium term.

Moneycontrol Contributor @moneycontrolcom
 
 
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Anand Rathi

The growth in revenues in Larsen & Toubro was driven primarily by better execution in Infrastructure segment, persistent growth in Hydrocarbon segment and improved performance in heavy engineering, Electric & Automation segments and services business.

For full year FY19, the company reported consolidated gross revenue of Rs 141,007 crore, registering 18% YoY growth. Consolidated PAT for FY19 was Rs 8,905 crore, up 21% on YoY basis.

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The order inflow for the quarter was Rs 56,538 crore, increasing 14% YoY.

The company won new orders worth Rs176, 834 crore at the group level during FY19, increasing 16% over the previous year.

Order wins in Infrastructure and Hydrocarbon segments were the major contributors to the order inflow during the year. The International orders during the year at Rs46, 805 crore accounted for 26% of the total order inflow.

Going ahead, we expect the company to continue to gradually improve its performance in medium term and revenues from infrastructure segment should continue to improve on better execution pace, to witness better traction in its other key segments including Defence business segment.

We have incorporated the latest numbers to our models for the company and continue to remain positive for the company. We maintain our BUY rating on the stock with a target price of Rs 1,820 per share.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Sep 14, 2019 11:35 am
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