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L&T: Improvement in core business signals start of a new cycle

L&T is sitting on Rs 2.98 lakh crore worth of orders, which is 3.6 times its standalone revenue of fiscal 2020 thus providing a strong revenue visibility

October 29, 2020 / 11:31 AM IST
L&T: Improvement in core business signals start of a new cycle

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights September quarter sees sequential improvement Margins drop marginally led by lower utilisations and higher operating costs Gain on sale of E&A business boosts profits Recovery in execution and strong order book to support growth Valuation reasonable in light of special dividend and cash Larsen & Toubro (CMP: Rs 984, Mcap: Rs 138107), India’s largest engineering and construction company, has shown signs of improvement as labour and other constraints eased following the gradual rollback of the lockdown curbs. In the first quarter of the current...

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