Get App
Moneycontrol

Co-Partners

Associate Partners

Last Updated : May 13, 2019 05:42 PM IST | Source: Moneycontrol.com

Buy Larsen and Toubro; target of Rs 1680: ICICI Direct

ICICI Direct is bullish on Larsen and Toubro has recommended buy rating on the stock with a target price of Rs 1680 in its research report dated May 13, 2019.

Broker Research @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on Larsen and Toubro


L&T's standalone revenues for Q4FY19 grew 14.4% YoY to Rs 30822.4 crore (above our estimate of Rs 30702.9 crore). On a consolidated basis, revenues were up 10.5% to Rs 44934 crore YoY. On a standalone basis, infrastructure & heavy engineering segment revenues grew 15.4% to Rs 25837.4 crore and 86.8% to Rs 899 crore on a YoY basis, respectively. For Q4FY19, L&T registered strong order inflows of Rs 56538 crore at the group level, up 14% YoY while the order backlog was at Rs 293427 crore, up 12% YoY. Standalone EBITDA margins came in at 11.2%, down 160 bps owing to few infra project headwinds. Consolidated PAT came in at Rs 3916 crore, up 13% YoY. Net working capital improved 200 bps to 18% while RoE improved 120 bps to 15.3% YoY.


Outlook


We value L&T on SoTP (with base business at 20x FY21E EPS) with a revised target price of Rs 1680 and maintain BUY on L&T.


For all recommendations report, click here


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



Get Lok Sabha 2019 Live Election Results, constituency-wise tally, news, views and analysis
Follow our Lok Sabha Election Result Live Blog here.
First Published on May 13, 2019 05:42 pm
More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant